Basso Capital Management L.P. Takes $63,000 Position in South Bow Co. (NYSE:SOBO)

Basso Capital Management L.P. purchased a new position in shares of South Bow Co. (NYSE:SOBO) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,674 shares of the company’s stock, valued at approximately $63,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cibc World Market Inc. acquired a new stake in shares of South Bow during the 4th quarter valued at about $47,533,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in South Bow in the fourth quarter worth approximately $17,720,000. Jennison Associates LLC acquired a new position in shares of South Bow during the 4th quarter worth $15,967,000. Mondrian Investment Partners LTD bought a new position in shares of South Bow during the 4th quarter valued at $15,444,000. Finally, Charles Schwab Investment Management Inc. acquired a new stake in shares of South Bow in the 4th quarter valued at $12,643,000.

Wall Street Analyst Weigh In

Several research firms have commented on SOBO. Royal Bank of Canada reissued an “outperform” rating on shares of South Bow in a research report on Friday, March 7th. CIBC downgraded South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price objective on the stock. in a research note on Friday, March 7th. Scotiabank upped their target price on South Bow from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Friday, March 7th. TD Securities began coverage on South Bow in a report on Wednesday, January 15th. They set a “hold” rating on the stock. Finally, Wolfe Research downgraded shares of South Bow from an “outperform” rating to a “peer perform” rating in a report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, South Bow has a consensus rating of “Hold” and a consensus target price of $25.67.

South Bow Trading Up 1.1 %

Shares of SOBO stock opened at $25.88 on Monday. South Bow Co. has a 12 month low of $21.98 and a 12 month high of $27.60. The firm has a market capitalization of $5.38 billion and a price-to-earnings ratio of 13.99. The stock’s 50 day simple moving average is $24.74.

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

South Bow Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 7.73%. South Bow’s dividend payout ratio (DPR) is 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.