Intact Investment Management Inc. Purchases Shares of 313,460 South Bow Co. (NYSE:SOBO)

Intact Investment Management Inc. purchased a new stake in shares of South Bow Co. (NYSE:SOBO) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 313,460 shares of the company’s stock, valued at approximately $7,396,000.

A number of other hedge funds also recently made changes to their positions in SOBO. Mutual Advisors LLC purchased a new position in South Bow in the 4th quarter worth approximately $517,000. Rhumbline Advisers purchased a new stake in shares of South Bow during the 4th quarter worth approximately $34,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in shares of South Bow during the 4th quarter worth approximately $6,787,000. Cibc World Market Inc. bought a new position in shares of South Bow during the 4th quarter valued at approximately $47,533,000. Finally, Meixler Investment Management Ltd. bought a new position in shares of South Bow during the 4th quarter valued at approximately $683,000.

Analyst Upgrades and Downgrades

Several brokerages have commented on SOBO. Scotiabank upped their price objective on South Bow from $26.00 to $27.00 and gave the company a “sector perform” rating in a research report on Friday, March 7th. Wolfe Research downgraded South Bow from an “outperform” rating to a “peer perform” rating 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 note on Wednesday, December 18th. Tudor Pickering upgraded South Bow to a “strong-buy” rating in a research note on Tuesday, November 19th. Finally, TD Securities began coverage on South Bow in a research note on Wednesday, January 15th. They issued a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, South Bow presently has an average rating of “Hold” and an average price target of $25.67.

South Bow Price Performance

South Bow stock opened at $25.62 on Friday. South Bow Co. has a 52 week low of $21.12 and a 52 week high of $27.60. The firm has a market capitalization of $5.33 billion and a P/E ratio of 13.85. The business’s 50-day moving average price is $24.71.

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

South Bow Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.81%. The ex-dividend date of this dividend is Monday, March 31st. South Bow’s dividend payout ratio (DPR) is presently 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.