Scheer Rowlett & Associates Investment Management Ltd. Acquires Shares of 391,457 South Bow Co. (NYSE:SOBO)

Scheer Rowlett & Associates Investment Management Ltd. bought a new position in shares of South Bow Co. (NYSE:SOBO) during the fourth quarter, HoldingsChannel reports. The fund bought 391,457 shares of the company’s stock, valued at approximately $9,225,000. South Bow comprises about 0.7% of Scheer Rowlett & Associates Investment Management Ltd.’s investment portfolio, making the stock its 29th biggest holding.

Other institutional investors have also modified their holdings of the company. Heronetta Management L.P. purchased a new position in South Bow during the 4th quarter worth $955,000. Lindbrook Capital LLC acquired a new stake in South Bow in the fourth quarter valued at $300,000. Assetmark Inc. acquired a new position in South Bow during the fourth quarter worth about $33,000. Souders Financial Advisors acquired a new position in South Bow during the fourth quarter worth $261,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of South Bow in the 4th quarter worth about $12,643,000.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SOBO. National Bankshares increased their price objective on South Bow from $24.00 to $25.00 and gave the company a “sector perform” rating in a research note on Friday. Scotiabank increased their price target 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. Wolfe Research cut shares of South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday. Wells Fargo & Company cut South Bow from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 18th. Finally, CIBC lowered South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price target for the company. in a research note on Friday. Two equities research 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $25.67.

South Bow Stock Down 2.5 %

Shares of South Bow stock 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 company has a market cap of $4.99 billion and a P/E ratio of 12.98. The firm’s fifty day simple moving average is $24.58.

South Bow (NYSE:SOBO) last posted its quarterly earnings data 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 company had revenue of $488.00 million during the quarter, compared to analyst estimates of $524.87 million. Equities research analysts predict that South Bow Co. will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.33%. The ex-dividend date is Monday, March 31st. South Bow’s dividend payout ratio 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.