South Bow (NYSE:SOBO) Reaches New 52-Week High – Time to Buy?

South Bow Corporation (NYSE:SOBO) shares reached a new 52-week high on Tuesday . The stock traded as high as $39.02 and last traded at $37.78, with a volume of 23806 shares changing hands. The stock had previously closed at $37.77.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SOBO shares. Weiss Ratings raised shares of South Bow from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 6th. Canadian Imperial Bank of Commerce boosted their target price on South Bow from $33.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Scotiabank upped their price target on South Bow from $36.00 to $39.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 21st. Wall Street Zen upgraded South Bow from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of South Bow in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, South Bow currently has an average rating of “Hold” and an average target price of $33.00.

South Bow Stock Performance

The company has a market cap of $7.83 billion, a PE ratio of 16.99 and a beta of 0.15. The company has a quick ratio of 1.44, a current ratio of 1.52 and a debt-to-equity ratio of 2.15. The company has a 50-day moving average of $36.75 and a 200-day moving average of $35.07.

South Bow (NYSE:SOBO) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.05. The business had revenue of $546.00 million during the quarter, compared to analyst estimates of $496.87 million. South Bow had a return on equity of 15.84% and a net margin of 22.99%. As a group, analysts anticipate that South Bow Corporation will post 1.87 earnings per share for the current year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be paid a $0.50 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $2.00 annualized dividend and a dividend yield of 5.3%. South Bow’s dividend payout ratio is presently 90.50%.

Institutional Trading of South Bow

Several institutional investors and hedge funds have recently made changes to their positions in the company. Cibc World Market Inc. bought a new stake in South Bow in the 2nd quarter worth about $119,802,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of South Bow during the 2nd quarter worth approximately $97,830,000. Bank of America Corp DE purchased a new position in shares of South Bow in the 2nd quarter worth approximately $97,176,000. Legal & General Group Plc purchased a new position in shares of South Bow in the 2nd quarter worth approximately $62,849,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of South Bow in the 2nd quarter worth approximately $41,216,000.

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.