Exchange Traded Concepts LLC Invests $5.43 Million in South Bow Co. (NYSE:SOBO)

Exchange Traded Concepts LLC acquired a new stake in South Bow Co. (NYSE:SOBO) in the 4th quarter, Holdings Channel.com reports. The fund acquired 230,243 shares of the company’s stock, valued at approximately $5,427,000.

Several other institutional investors have also added to or reduced their stakes in SOBO. Viking Fund Management LLC acquired a new stake in South Bow during the fourth quarter worth about $740,000. Hennessy Advisors Inc. acquired a new stake in South Bow during the 4th quarter worth about $276,000. Nexus Investment Management ULC bought a new stake in South Bow in the fourth quarter worth approximately $2,810,000. Manitou Investment Management Ltd. acquired a new position in shares of South Bow during the 4th quarter valued at $40,000. Finally, MassMutual Private Wealth & Trust FSB bought a new position in shares of South Bow during the 4th quarter worth about $213,000.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Morgan Stanley started coverage on shares of South Bow in a report on Friday, October 25th. They issued an “underweight” rating on the stock. US Capital Advisors upgraded shares of South Bow to a “strong-buy” rating in a research note on Monday, October 28th. Scotiabank upgraded South Bow to a “hold” rating in a research note on Friday, December 27th. Wells Fargo & Company cut South Bow from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 18th. Finally, TD Securities assumed coverage on South Bow in a research report on Wednesday, January 15th. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $25.00.

South Bow Stock Up 1.4 %

NYSE:SOBO opened at $24.36 on Friday. The business has a fifty day moving average of $24.35. South Bow Co. has a one year low of $21.12 and a one year high of $27.30.

South Bow Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 8.21%. The ex-dividend date of this dividend is Tuesday, December 31st.

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.