South Bow (NYSE:SOBO) Sets New 1-Year High – Here’s What Happened

South Bow Corporation (NYSE:SOBO) hit a new 52-week high on Monday . The stock traded as high as $34.47 and last traded at $34.32, with a volume of 860693 shares trading hands. The stock had previously closed at $34.21.

Wall Street Analysts Forecast Growth

SOBO has been the subject of several analyst reports. Scotiabank increased their price objective on South Bow from $30.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Friday, March 6th. Wolfe Research lowered South Bow from a “peer perform” rating to an “underperform” rating and set a $24.00 price target for the company. in a research report on Wednesday, January 14th. Morgan Stanley reiterated an “underweight” rating on shares of South Bow in a research note on Tuesday, December 2nd. Weiss Ratings raised shares of South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 20th. Finally, Barclays boosted their price target on shares of South Bow from $27.00 to $33.00 and gave the stock an “equal weight” rating in a report on Monday, March 9th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $30.57.

South Bow Trading Up 1.9%

The stock has a market capitalization of $7.26 billion, a PE ratio of 16.77 and a beta of 0.29. The company has a current ratio of 1.50, a quick ratio of 1.43 and a debt-to-equity ratio of 2.13. The firm has a 50-day moving average price of $31.00 and a 200-day moving average price of $28.57.

South Bow (NYSE:SOBO) last posted its quarterly earnings results on Thursday, March 5th. The company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.21. The company had revenue of $503.00 million during the quarter, compared to analyst estimates of $500.57 million. South Bow had a net margin of 21.80% and a return on equity of 15.55%. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. As a group, equities analysts forecast that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend is Tuesday, March 31st. South Bow’s payout ratio is 96.15%.

Hedge Funds Weigh In On South Bow

Several institutional investors and hedge funds have recently bought and sold shares of SOBO. Cubist Systematic Strategies LLC purchased a new position in shares of South Bow during the 1st quarter valued at $85,000. Amundi bought a new position in South Bow during the first quarter worth about $588,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of South Bow by 17.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,035 shares of the company’s stock worth $5,079,000 after purchasing an additional 29,542 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of South Bow in the first quarter worth about $885,000. Finally, Geode Capital Management LLC raised its position in shares of South Bow by 7.5% in the second quarter. Geode Capital Management LLC now owns 172,491 shares of the company’s stock valued at $4,499,000 after purchasing an additional 11,984 shares during the period.

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.