Bank of Montreal Can Purchases New Shares in South Bow Co. (NYSE:SOBO)

Bank of Montreal Can acquired a new position in South Bow Co. (NYSE:SOBO) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,349,368 shares of the company’s stock, valued at approximately $126,068,000. Bank of Montreal Can owned approximately 2.58% of South Bow at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mutual Advisors LLC bought a new stake in shares of South Bow in the 4th quarter worth approximately $517,000. Rhumbline Advisers bought a new stake in South Bow in the fourth quarter worth $34,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in shares of South Bow in the fourth quarter worth $6,787,000. US Bancorp DE bought a new position in shares of South Bow during the fourth quarter valued at $373,000. Finally, Assetmark Inc. purchased a new position in shares of South Bow in the 4th quarter worth about $33,000.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wolfe Research lowered shares of South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 7th. Wells Fargo & Company downgraded shares of South Bow from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of South Bow in a research report on Friday, March 7th. Scotiabank lifted their target price on South Bow from $26.00 to $27.00 and gave the stock a “sector perform” rating in a report on Friday, March 7th. Finally, TD Securities began coverage on South Bow in a report on Wednesday, January 15th. They set a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.25.

South Bow Stock Down 2.4 %

Shares of SOBO opened at $23.33 on Tuesday. The company has a market capitalization of $4.85 billion and a price-to-earnings ratio of 12.61. South Bow Co. has a one year low of $21.98 and a one year high of $27.60. The business has a fifty day moving average price of $25.38.

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

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 8.57%. South Bow’s dividend payout ratio is currently 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.