ClearBridge Investments Ltd Acquires Shares of 4,072,402 South Bow Co. (NYSE:SOBO)

ClearBridge Investments Ltd bought a new position in shares of South Bow Co. (NYSE:SOBO) in the fourth quarter, Holdings Channel.com reports. The fund bought 4,072,402 shares of the company’s stock, valued at approximately $95,987,000. South Bow makes up approximately 2.5% of ClearBridge Investments Ltd’s investment portfolio, making the stock its 16th biggest holding.

Other hedge funds have also modified their holdings of the company. Wiser Advisor Group LLC purchased a new stake in South Bow during the 4th quarter valued at about $27,000. Roxbury Financial LLC acquired a new position in shares of South Bow during the 4th quarter worth approximately $29,000. Assetmark Inc. purchased a new stake in shares of South Bow in the fourth quarter valued at approximately $33,000. Rhumbline Advisers acquired a new stake in shares of South Bow in the fourth quarter valued at approximately $34,000. Finally, Manitou Investment Management Ltd. purchased a new position in South Bow during the fourth quarter worth approximately $40,000.

Analysts Set New Price Targets

A number of analysts have issued reports on SOBO shares. Royal Bank of Canada reaffirmed an “outperform” rating on shares of South Bow in a research note on Friday, March 7th. Wells Fargo & Company downgraded shares of South Bow from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 18th. National Bankshares raised their price target on shares of South Bow from $24.00 to $25.00 and gave the stock a “sector 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 report on Friday, March 7th. Finally, Scotiabank raised their target price on South Bow from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, South Bow currently has a consensus rating of “Hold” and an average target price of $26.25.

South Bow Price Performance

Shares of NYSE SOBO opened at $26.18 on Friday. The firm has a market capitalization of $5.45 billion and a PE ratio of 14.15. South Bow Co. has a twelve month low of $21.98 and a twelve month high of $27.60. The company has a fifty day moving average price of $25.31.

South Bow (NYSE:SOBO) last issued its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share (EPS) 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. As a group, analysts expect that South Bow Co. will post 1.74 EPS for the current year.

South Bow Announces Dividend

The business also recently disclosed 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 is Monday, March 31st. South Bow’s dividend payout ratio is currently 108.11%.

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.