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

South Bow Co. (NYSE:SOBO) saw strong trading volume on Friday . 8,407,525 shares changed hands during 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.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. TD Securities began coverage on shares of South Bow in a research note on Wednesday, January 15th. They set a “hold” rating on the stock. Wells Fargo & Company lowered South Bow from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 18th. CIBC cut South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 target price on the stock. in a research note on Friday, March 7th. JPMorgan Chase & Co. assumed coverage on South Bow in a research report on Friday. They issued a “neutral” rating and a $28.00 price target for the company. Finally, National Bankshares upped their target price on shares of South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Friday, March 7th. Two 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $26.25.

South Bow Stock Performance

The stock has a market capitalization of $5.45 billion and a P/E ratio of 14.15. The stock’s fifty day moving average price is $25.27.

South Bow (NYSE:SOBO) last issued its quarterly earnings data 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 business had revenue of $488.00 million during the quarter, compared to the consensus estimate of $524.87 million. On average, research analysts forecast that South Bow Co. will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The firm 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 of this dividend is Monday, March 31st. South Bow’s payout ratio is 108.11%.

Hedge Funds Weigh In On South Bow

Institutional investors have recently bought and sold shares of the stock. Wiser Advisor Group LLC purchased a new stake in South Bow in the fourth quarter worth about $27,000. Roxbury Financial LLC bought a new position in shares of South Bow during the 4th quarter valued at approximately $29,000. BNP Paribas Financial Markets purchased a new stake in South Bow in the 4th quarter worth approximately $29,000. Assetmark Inc. purchased a new stake in South Bow in the 4th quarter worth approximately $33,000. Finally, Rhumbline Advisers bought a new stake in South Bow during the 4th quarter worth approximately $34,000.

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.