ClearBridge Investments Ltd Acquires New Holdings in South Bow Co. (NYSE:SOBO)

ClearBridge Investments Ltd bought a new position in shares of South Bow Co. (NYSE:SOBO) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,072,402 shares of the company’s stock, valued at approximately $95,987,000. South Bow accounts for 2.5% of ClearBridge Investments Ltd’s holdings, making the stock its 16th largest position. ClearBridge Investments Ltd owned 1.96% of South Bow as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. purchased a new position in shares of South Bow in the 4th quarter worth approximately $206,467,000. Cibc World Market Inc. purchased a new stake in shares of South Bow during the 4th quarter valued at $47,533,000. Norges Bank acquired a new stake in shares of South Bow in the 4th quarter worth $20,486,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of South Bow in the 4th quarter worth $17,720,000. Finally, Jennison Associates LLC purchased a new position in South Bow during the 4th quarter worth $15,967,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SOBO shares. Wolfe Research downgraded South Bow from an “outperform” rating to a “peer perform” rating in a report on Friday, March 7th. CIBC lowered shares of South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price target on the stock. in a research note on Friday, March 7th. Scotiabank lifted their price objective on shares of South Bow from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Friday, March 7th. National Bankshares upped their target price on South Bow from $24.00 to $25.00 and gave the company a “sector perform” rating in a research report on Friday, March 7th. Finally, TD Securities started coverage on South Bow in a research report on Wednesday, January 15th. They set a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $26.25.

South Bow Stock Performance

Shares of SOBO stock opened at $26.18 on Friday. South Bow Co. has a twelve month low of $21.98 and a twelve month high of $27.60. The stock has a market capitalization of $5.45 billion and a PE ratio of 14.15. The firm’s 50 day moving average is $25.31.

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

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.64%. The ex-dividend date of this dividend is Monday, March 31st. South Bow’s dividend payout ratio (DPR) is presently 108.11%.

South Bow Company 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.