Norges Bank Acquires Shares of 893,176 South Bow Corporation $SOBO

Norges Bank acquired a new stake in South Bow Corporation (NYSE:SOBO) during the fourth quarter, Holdings Channel reports. The fund acquired 893,176 shares of the company’s stock, valued at approximately $24,566,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. City Holding Co. raised its holdings in shares of South Bow by 277.4% during the 4th quarter. City Holding Co. now owns 1,000 shares of the company’s stock worth $27,000 after acquiring an additional 735 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of South Bow by 157.3% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,055 shares of the company’s stock worth $30,000 after acquiring an additional 645 shares during the period. IFP Advisors Inc raised its holdings in shares of South Bow by 780.3% during the 3rd quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock worth $34,000 after acquiring an additional 1,069 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of South Bow by 1,993.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock worth $35,000 after acquiring an additional 1,276 shares during the period. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of South Bow during the 4th quarter worth $39,000.

South Bow Stock Performance

NYSE SOBO opened at $36.10 on Wednesday. The stock has a 50-day moving average of $34.77 and a two-hundred day moving average of $31.23. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.51 and a quick ratio of 1.37. The company has a market cap of $7.53 billion, a P/E ratio of 17.78 and a beta of 0.14. South Bow Corporation has a 1-year low of $25.01 and a 1-year high of $38.39.

South Bow (NYSE:SOBO) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.02). The company had revenue of $491.00 million during the quarter, compared to analysts’ expectations of $491.21 million. South Bow had a net margin of 21.32% and a return on equity of 15.24%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.47 EPS. As a group, analysts anticipate that South Bow Corporation will post 1.76 EPS for the current year.

South Bow Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 5.5%. South Bow’s dividend payout ratio (DPR) is presently 98.52%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SOBO. National Bank Financial raised their price objective on South Bow from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Monday, June 1st. Wall Street Zen downgraded South Bow from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. TD Securities reissued a “hold” rating on shares of South Bow in a research report on Friday, May 1st. The Goldman Sachs Group began coverage on South Bow in a research report on Monday, April 20th. They set a “sell” rating and a $29.00 price objective for the company. Finally, Weiss Ratings raised South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 20th. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $31.57.

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.