Pictet Asset Management Holding SA Buys Shares of 597,300 South Bow Co. (NYSE:SOBO)

Pictet Asset Management Holding SA purchased a new stake in South Bow Co. (NYSE:SOBO) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 597,300 shares of the company’s stock, valued at approximately $14,087,000. Pictet Asset Management Holding SA owned 0.29% of South Bow at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SOBO. Hennessy Advisors Inc. acquired a new stake in South Bow in the 4th quarter valued at approximately $276,000. Nexus Investment Management ULC bought a new position in shares of South Bow in the fourth quarter worth $2,810,000. MassMutual Private Wealth & Trust FSB acquired a new position in shares of South Bow during the fourth quarter valued at $213,000. Viking Fund Management LLC bought a new stake in shares of South Bow during the fourth quarter valued at about $740,000. Finally, Mutual Advisors LLC acquired a new stake in South Bow in the fourth quarter worth about $517,000.

Analyst Ratings Changes

A number of analysts have commented on the stock. National Bankshares boosted their price target on shares of South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Friday, March 7th. Wells Fargo & Company cut South Bow from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 18th. TD Securities initiated coverage on South Bow in a research note on Wednesday, January 15th. They set a “hold” rating for the company. JPMorgan Chase & Co. began coverage on South Bow in a research note on Friday, March 28th. They issued a “neutral” rating and a $28.00 price objective on the stock. Finally, Wolfe Research cut South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, South Bow has an average rating of “Hold” and a consensus target price of $26.25.

South Bow Price Performance

NYSE:SOBO opened at $25.55 on Wednesday. The company has a fifty day moving average of $25.35. The firm has a market cap of $5.32 billion and a price-to-earnings ratio of 13.81. South Bow Co. has a 1-year low of $21.98 and a 1-year high of $27.60.

South Bow (NYSE:SOBO) last released 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 firm had revenue of $488.00 million during the quarter, compared to analysts’ expectations of $524.87 million. On average, analysts anticipate that South Bow Co. will post 1.74 EPS for the current year.

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.50 dividend. 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 7.83%. South Bow’s 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.