South Bow (NYSE:SOBO) Sees Large Volume Increase – Here’s Why

Shares of South Bow Co. (NYSE:SOBO) saw strong trading volume on Friday . 8,407,525 shares changed hands during mid-day trading, an increase of 859% from the previous session’s volume of 876,357 shares.The stock last traded at $26.09 and had previously closed at $26.03.

Wall Street Analyst Weigh In

SOBO has been the topic of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating on shares of South Bow in a research note on Friday, March 7th. Wells Fargo & Company lowered South Bow from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 18th. TD Securities started coverage on South Bow in a research note on Wednesday, January 15th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. initiated coverage on South Bow in a research note on Friday. They set a “neutral” rating and a $28.00 price objective for the company. Finally, National Bankshares increased their target price 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. Two equities research analysts have rated the stock with a sell rating, eight have given 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 has a consensus rating of “Hold” and a consensus price target of $26.25.

South Bow Stock Performance

The business’s 50 day moving average is $25.31. The firm has a market capitalization of $5.45 billion and a P/E ratio of 14.15.

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

South Bow Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 7.64%. The ex-dividend date is Monday, March 31st. South Bow’s dividend payout ratio (DPR) is presently 108.11%.

Institutional Investors Weigh In On South Bow

Large investors have recently made changes to their positions in the company. Roxbury Financial LLC bought a new stake in South Bow in the 4th quarter worth approximately $29,000. Wiser Advisor Group LLC purchased a new position in shares of South Bow in the fourth quarter valued at $27,000. BNP Paribas Financial Markets bought a new stake in South Bow in the fourth quarter worth $29,000. Assetmark Inc. purchased a new stake in South Bow during the fourth quarter valued at $33,000. Finally, Sit Investment Associates Inc. bought a new position in South Bow during the fourth quarter valued at $34,000.

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.