Royal Bank of Canada Reaffirms Outperform Rating for South Bow (NYSE:SOBO)

South Bow (NYSE:SOBO)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank of Canada in a report issued on Monday,Benzinga reports. They presently have a $38.00 target price on the stock. Royal Bank of Canada’s target price points to a potential upside of 47.52% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on SOBO. CIBC cut shares of South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 target price on the stock. in a report on Friday, March 7th. Scotiabank increased their price target on South Bow from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Friday, March 7th. JPMorgan Chase & Co. initiated coverage on South Bow in a report on Friday, March 28th. They issued a “neutral” rating and a $28.00 price target on the stock. National Bankshares upped their price objective on South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Friday, March 7th. Finally, Wolfe Research lowered South Bow from an “outperform” rating to a “peer perform” rating in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, South Bow has a consensus rating of “Hold” and a consensus price target of $28.60.

South Bow Price Performance

South Bow stock opened at $25.76 on Monday. South Bow has a 12 month low of $21.16 and a 12 month high of $27.60. The company has a fifty day moving average price of $25.00 and a two-hundred day moving average price of $24.76. The company has a market cap of $5.36 billion and a PE ratio of 13.92.

South Bow (NYSE:SOBO) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The business had revenue of $498.00 million during the quarter, compared to the consensus estimate of $527.00 million. The business’s quarterly revenue was down 8.5% on a year-over-year basis. Equities research analysts anticipate that South Bow will post 1.74 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC acquired a new position in shares of South Bow during the fourth quarter valued at approximately $461,249,000. Capital International Investors bought a new position in South Bow during the 4th quarter valued at $315,469,000. Price T Rowe Associates Inc. MD boosted 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 in the last quarter. Vanguard Group Inc. increased its position in shares of South Bow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 8,907,058 shares of the company’s stock valued at $227,531,000 after purchasing an additional 157,355 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of South Bow during the 4th quarter valued at $126,068,000.

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.