Bank of Nova Scotia Trust Co. Acquires New Stake in South Bow Co. (NYSE:SOBO)

Bank of Nova Scotia Trust Co. bought a new position in South Bow Co. (NYSE:SOBO) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 49,581 shares of the company’s stock, valued at approximately $1,169,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SOBO. Roxbury Financial LLC acquired a new stake in shares of South Bow in the fourth quarter valued at $29,000. Wiser Advisor Group LLC acquired a new stake in South Bow in the 4th quarter valued at about $27,000. Assetmark Inc. bought a new position in shares of South Bow during the 4th quarter valued at about $33,000. Sit Investment Associates Inc. acquired a new position in shares of South Bow in the 4th quarter worth approximately $34,000. Finally, Rhumbline Advisers bought a new stake in shares of South Bow in the 4th quarter worth approximately $34,000.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SOBO. Wolfe Research cut shares of South Bow from an “outperform” rating to a “peer perform” rating in a 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. TD Securities started coverage on South Bow in a research report on Wednesday, January 15th. They issued a “hold” rating for the company. Royal Bank of Canada restated an “outperform” rating on shares of South Bow in a report on Friday, March 7th. Finally, CIBC cut shares of South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 target price for the company. in a report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $26.25.

South Bow Stock Up 1.3 %

NYSE SOBO opened at $24.55 on Friday. The stock has a 50 day moving average of $25.17. South Bow Co. has a 52-week low of $21.16 and a 52-week high of $27.60. The stock has a market capitalization of $5.11 billion and a price-to-earnings ratio of 13.27.

South Bow (NYSE:SOBO) last posted its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.12. The company had revenue of $488.00 million during the quarter, compared to analyst estimates of $524.87 million. As a group, equities research analysts predict that South Bow Co. will post 1.74 EPS for the current fiscal year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 8.15%. The ex-dividend date of this dividend was Monday, March 31st. South Bow’s dividend payout ratio is 108.11%.

South Bow Profile

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.