Analysts Set South Bow Corporation (NYSE:SOBO) Target Price at $29.40

Shares of South Bow Corporation (NYSE:SOBO) have been given a consensus recommendation of “Reduce” by the twelve analysts that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $29.40.

Several research firms recently issued reports on SOBO. Scotiabank upped their price objective on shares of South Bow from $27.00 to $28.00 and gave the stock a “sector perform” rating in a report on Monday, October 20th. BMO Capital Markets reissued a “market perform” rating on shares of South Bow in a research report on Monday, November 17th. US Capital Advisors cut shares of South Bow from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Weiss Ratings raised South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, December 2nd. Finally, Morgan Stanley reissued an “underweight” rating on shares of South Bow in a research report on Tuesday, December 2nd.

Institutional Investors Weigh In On South Bow

Several hedge funds and other institutional investors have recently modified their holdings of SOBO. Price T Rowe Associates Inc. MD raised its stake in South Bow by 2.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,617,143 shares of the company’s stock valued at $321,990,000 after purchasing an additional 280,088 shares during the last quarter. Vanguard Group Inc. grew its position in South Bow by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 8,907,058 shares of the company’s stock worth $227,531,000 after purchasing an additional 157,355 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of South Bow by 8.0% during the 2nd quarter. Bank of Montreal Can now owns 6,136,658 shares of the company’s stock worth $159,405,000 after purchasing an additional 452,012 shares during the period. Murchinson Ltd. acquired a new position in shares of South Bow during the first quarter valued at about $134,592,000. Finally, Goldman Sachs Group Inc. raised its position in shares of South Bow by 157.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,851,407 shares of the company’s stock valued at $98,288,000 after buying an additional 10,510,206 shares during the last quarter.

South Bow Stock Up 1.1%

Shares of SOBO stock opened at $27.77 on Friday. The stock’s 50 day simple moving average is $27.00 and its 200 day simple moving average is $26.94. South Bow has a twelve month low of $21.16 and a twelve month high of $29.19. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.28 and a current ratio of 1.36. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 17.46 and a beta of 0.47.

South Bow (NYSE:SOBO) last announced its earnings results on Thursday, November 13th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.09. South Bow had a return on equity of 15.13% and a net margin of 16.84%.The firm had revenue of $461.00 million during the quarter, compared to analysts’ expectations of $498.00 million. The business’s revenue was down 13.7% compared to the same quarter last year. As a group, research analysts predict that South Bow will post 1.74 EPS for the current year.

South Bow Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 7.2%. The ex-dividend date of this dividend is Wednesday, December 31st. South Bow’s payout ratio is currently 125.79%.

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.