Cibc World Market Inc. Invests $47.53 Million in South Bow Co. (NYSE:SOBO)

Cibc World Market Inc. purchased a new position in shares of South Bow Co. (NYSE:SOBO) during the 4th quarter, HoldingsChannel reports. The firm purchased 2,015,095 shares of the company’s stock, valued at approximately $47,533,000.

Several other hedge funds also recently modified their holdings of the business. Manitou Investment Management Ltd. bought a new position in shares of South Bow during the 4th quarter worth about $40,000. Canal Insurance CO acquired a new stake in South Bow in the 4th quarter valued at about $47,000. MassMutual Private Wealth & Trust FSB acquired a new stake in shares of South Bow during the 4th quarter worth approximately $213,000. Hennessy Advisors Inc. acquired a new stake in shares of South Bow during the 4th quarter worth approximately $276,000. Finally, Mutual Advisors LLC bought a new position in South Bow during the 4th quarter worth approximately $517,000.

South Bow Stock Down 1.7 %

South Bow stock opened at $24.22 on Friday. South Bow Co. has a 1-year low of $21.12 and a 1-year high of $27.30. The firm has a 50 day simple moving average of $24.23.

South Bow Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 8.26%. The ex-dividend date is Tuesday, December 31st.

Wall Street Analyst Weigh In

SOBO has been the topic of a number of research reports. US Capital Advisors raised shares of South Bow to a “strong-buy” rating in a research note on Monday, October 28th. Morgan Stanley initiated coverage on shares of South Bow in a research report on Friday, October 25th. They set an “underweight” rating for the company. Jefferies Financial Group began coverage on shares of South Bow in a report on Tuesday, October 8th. They issued a “hold” rating for the company. Tudor Pickering raised South Bow to a “strong-buy” rating in a research note on Tuesday, November 19th. Finally, TD Securities initiated coverage on shares of South Bow in a research report on Wednesday, January 15th. They set a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $25.00.

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.