Moors & Cabot Inc. Makes New $2.57 Million Investment in South Bow Co. (NYSE:SOBO)

Moors & Cabot Inc. purchased a new position in shares of South Bow Co. (NYSE:SOBO) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 108,976 shares of the company’s stock, valued at approximately $2,569,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Roxbury Financial LLC bought a new stake in shares of South Bow in the 4th quarter valued at about $29,000. Wiser Advisor Group LLC bought a new stake in shares of South Bow in the 4th quarter valued at about $27,000. Assetmark Inc. bought a new stake in shares of South Bow in the 4th quarter valued at about $33,000. Rhumbline Advisers bought a new stake in shares of South Bow in the 4th quarter valued at about $34,000. Finally, Manitou Investment Management Ltd. bought a new stake in shares of South Bow in the 4th quarter valued at about $40,000.

South Bow Price Performance

SOBO stock opened at $25.74 on Thursday. South Bow Co. has a fifty-two week low of $21.12 and a fifty-two week high of $27.60. The stock’s 50 day moving average price is $24.68. The stock has a market cap of $5.36 billion and a P/E ratio of 13.91.

South Bow (NYSE:SOBO) last posted its 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 firm had revenue of $488.00 million for the quarter, compared to analysts’ expectations of $524.87 million. Research analysts forecast that South Bow Co. will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.77%. South Bow’s dividend payout ratio (DPR) is 108.11%.

Analyst Upgrades and Downgrades

A number of research firms have commented on SOBO. TD Securities began coverage on South Bow in a research report on Wednesday, January 15th. They set a “hold” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating on shares of South Bow in a research report on Friday, March 7th. National Bankshares upped their price target 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. Wolfe Research lowered South Bow from an “outperform” rating to a “peer perform” rating in a research report on Friday, March 7th. Finally, Scotiabank upped their price target on South Bow from $26.00 to $27.00 and gave the company a “sector perform” rating in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $25.67.

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.