Scheer Rowlett & Associates Investment Management Ltd. Takes Position in South Bow Co. (NYSE:SOBO)

Scheer Rowlett & Associates Investment Management Ltd. purchased a new position in South Bow Co. (NYSE:SOBO) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 391,457 shares of the company’s stock, valued at approximately $9,225,000. South Bow makes up about 0.7% of Scheer Rowlett & Associates Investment Management Ltd.’s portfolio, making the stock its 29th biggest holding. Scheer Rowlett & Associates Investment Management Ltd. owned approximately 0.19% of South Bow at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in SOBO. Roxbury Financial LLC acquired a new position in shares of South Bow during the 4th quarter worth about $29,000. Wiser Advisor Group LLC acquired a new stake in shares of South Bow in the fourth quarter worth approximately $27,000. Assetmark Inc. acquired a new stake in South Bow during the 4th quarter worth $33,000. Rhumbline Advisers purchased a new position in shares of South Bow in the fourth quarter worth about $34,000. Finally, Manitou Investment Management Ltd. acquired a new position in South Bow during the fourth quarter worth about $40,000.

South Bow Stock Down 2.5 %

Shares of SOBO opened at $24.01 on Friday. South Bow Co. has a 1 year low of $21.12 and a 1 year high of $27.60. The firm has a 50-day moving average of $24.58. The stock has a market cap of $4.99 billion and a PE ratio of 12.98.

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

South Bow Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 8.33%. South Bow’s dividend payout ratio is currently 108.11%.

Analyst Ratings Changes

A number of analysts have commented on SOBO shares. CIBC downgraded shares of South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price objective for the company. in a report on Friday. National Bankshares lifted their price objective on South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Friday. Tudor Pickering upgraded South Bow to a “strong-buy” rating in a report on Tuesday, November 19th. Wells Fargo & Company lowered South Bow from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 18th. Finally, Wolfe Research lowered shares of South Bow from an “outperform” rating to a “peer perform” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.67.

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.