South Bow (NYSE:SOBO) Price Target Raised to $29.00

South Bow (NYSE:SOBO) had its price objective boosted by equities research analysts at National Bankshares from $27.00 to $29.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. National Bankshares’ target price suggests a potential upside of 4.97% from the stock’s current price.

A number of other analysts have also commented on SOBO. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of South Bow in a research note on Monday. CIBC boosted their price objective on shares of South Bow from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Scotiabank upped their price objective on shares of South Bow from $27.00 to $28.00 and gave the company a “sector perform” rating in a research note on Monday, October 20th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $27.00 target price on shares of South Bow in a research note on Thursday, August 21st. Finally, Morgan Stanley reiterated an “underweight” rating on shares of South Bow in a report on Tuesday, December 2nd. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $29.50.

South Bow Price Performance

NYSE SOBO traded up $0.23 during trading hours on Wednesday, reaching $27.63. The company’s stock had a trading volume of 205,275 shares, compared to its average volume of 823,742. 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’s 50-day moving average is $26.85 and its two-hundred day moving average is $27.00. South Bow has a fifty-two week low of $21.16 and a fifty-two week high of $29.19. The stock has a market cap of $5.75 billion, a PE ratio of 17.37 and a beta of 0.48.

South Bow (NYSE:SOBO) last announced its quarterly earnings results on Thursday, November 13th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.09. The company had revenue of $461.00 million for the quarter, compared to the consensus estimate of $498.00 million. South Bow had a net margin of 16.84% and a return on equity of 15.13%. The company’s revenue for the quarter was down 13.7% compared to the same quarter last year. Analysts forecast that South Bow will post 1.74 EPS for the current year.

Institutional Trading of South Bow

A number of institutional investors have recently modified their holdings of SOBO. Price T Rowe Associates Inc. MD increased its position 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 worth $321,990,000 after purchasing an additional 280,088 shares in the last quarter. Vanguard Group Inc. increased its position in shares of South Bow by 2.5% in the third quarter. Vanguard Group Inc. now owns 8,549,218 shares of the company’s stock worth $241,909,000 after acquiring an additional 209,013 shares in the last quarter. Bank of Montreal Can raised its stake in shares of South Bow by 8.0% in the 2nd quarter. Bank of Montreal Can now owns 6,136,658 shares of the company’s stock valued at $159,405,000 after acquiring an additional 452,012 shares during the period. Murchinson Ltd. acquired a new position in shares of South Bow during the 1st quarter valued at $134,592,000. Finally, Goldman Sachs Group Inc. boosted its position in South Bow by 157.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,851,407 shares of the company’s stock worth $98,288,000 after purchasing an additional 10,510,206 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.