Vanguard Group Inc. Invests $206.47 Million in South Bow Co. (NYSE:SOBO)

Vanguard Group Inc. acquired a new stake in South Bow Co. (NYSE:SOBO) during the 4th quarter, Holdings Channel reports. The fund acquired 8,749,703 shares of the company’s stock, valued at approximately $206,467,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Roxbury Financial LLC bought a new stake in shares of South Bow in the fourth quarter valued at about $29,000. Wiser Advisor Group LLC acquired a new stake in South Bow in the 4th quarter valued at approximately $27,000. Assetmark Inc. bought a new stake in South Bow in the 4th quarter valued at approximately $33,000. Rhumbline Advisers acquired a new position in South Bow during the 4th quarter worth approximately $34,000. Finally, Manitou Investment Management Ltd. bought a new position in shares of South Bow during the 4th quarter worth approximately $40,000.

Wall Street Analysts Forecast Growth

SOBO has been the subject of several recent research reports. National Bankshares increased their target price on shares of South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Friday, March 7th. Scotiabank increased their price objective on shares of South Bow from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Friday, March 7th. CIBC downgraded South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 target price on the stock. in a research report on Friday, March 7th. Wells Fargo & Company cut South Bow from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 18th. Finally, Wolfe Research lowered South Bow from an “outperform” rating to a “peer perform” rating in a research report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $26.25.

South Bow Stock Down 5.3 %

NYSE:SOBO opened at $23.88 on Friday. South Bow Co. has a 12-month low of $21.98 and a 12-month high of $27.60. The company has a 50 day simple moving average of $25.39. The company has a market capitalization of $4.97 billion and a price-to-earnings ratio of 12.91.

South Bow (NYSE:SOBO) last announced its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.12. The business had revenue of $488.00 million for the quarter, compared to analyst estimates of $524.87 million. On average, equities research analysts forecast that South Bow Co. will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 8.37%. The ex-dividend date is Monday, March 31st. South Bow’s payout ratio is 108.11%.

About South Bow

South Bow Corp is a strategic liquids pipeline company. It is a new liquids-focused midstream infrastructure company. South Bow Corp is based in Canada.