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

South Bow Corporation (NYSE:SOBO) shares saw strong trading volume on Friday . 5,019,927 shares changed hands during mid-day trading, an increase of 520% from the previous session’s volume of 809,082 shares.The stock last traded at $28.55 and had previously closed at $28.54.

Analyst Upgrades and Downgrades

SOBO has been the topic of several recent research reports. National Bankshares raised their price target on South Bow from $25.00 to $26.00 and gave the stock a “sector perform” rating in a report on Friday, August 8th. Royal Bank Of Canada restated an “outperform” rating on shares of South Bow in a research report on Friday, August 8th. CIBC raised their target price on shares of South Bow from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. restated an “underweight” rating and issued a $27.00 target price on shares of South Bow in a research report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, South Bow currently has an average rating of “Hold” and a consensus price target of $28.80.

South Bow Stock Down 0.8%

The company’s 50-day moving average is $27.37 and its 200 day moving average is $26.23. The stock has a market capitalization of $5.90 billion and a PE ratio of 15.30. The company has a current ratio of 1.28, a quick ratio of 1.20 and a debt-to-equity ratio of 2.19.

South Bow (NYSE:SOBO) last announced its earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $524.00 million for the quarter, compared to analysts’ expectations of $449.00 million. As a group, analysts anticipate that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.00 annualized dividend and a dividend yield of 7.1%. South Bow’s dividend payout ratio is presently 108.11%.

Institutional Trading of South Bow

Several large investors have recently modified their holdings of SOBO. BNP Paribas Financial Markets bought a new position in South Bow during the 4th quarter valued at about $29,000. Louisbourg Investments Inc. bought a new position in South Bow during the 1st quarter valued at $31,000. Northwestern Mutual Wealth Management Co. raised its position in shares of South Bow by 1,993.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock worth $35,000 after buying an additional 1,276 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in South Bow by 150.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,550 shares of the company’s stock valued at $40,000 after buying an additional 930 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in South Bow during the 1st quarter valued at $85,000.

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.