South Bow (NYSE:SOBO) Sees Large Volume Increase – Still a Buy?

Shares of South Bow Co. (NYSE:SOBO) saw unusually-strong trading volume on Friday . Approximately 8,407,525 shares were traded 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.

Analysts Set New Price Targets

A number of research analysts have weighed in on SOBO shares. National Bankshares boosted their price objective on shares of South Bow from $24.00 to $25.00 and gave the company a “sector perform” rating in a research report on Friday, March 7th. Royal Bank of Canada reissued an “outperform” rating on shares of South Bow in a research note on Friday, March 7th. Scotiabank upped their target price on South Bow from $26.00 to $27.00 and gave the company a “sector perform” rating in a research note on Friday, March 7th. CIBC downgraded South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price target on the stock. in a report on Friday, March 7th. Finally, TD Securities started coverage on shares of South Bow in a research report on Wednesday, January 15th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, South Bow has an average rating of “Hold” and an average target price of $26.25.

South Bow Stock Up 0.6 %

The firm has a market cap of $5.45 billion and a PE ratio of 14.15. The firm’s 50 day moving average is $25.31.

South Bow (NYSE:SOBO) last posted its earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.12. The company had revenue of $488.00 million for the quarter, compared to analysts’ expectations of $524.87 million. On average, equities analysts forecast that South Bow Co. will post 1.74 EPS for the current year.

South Bow Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors 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 yield of 7.64%. The ex-dividend date is Monday, March 31st. South Bow’s payout ratio is currently 108.11%.

Hedge Funds Weigh In On South Bow

A number of large investors have recently added to or reduced their stakes in the company. Mutual Advisors LLC purchased a new stake in shares of South Bow during the 4th quarter valued at $517,000. Rhumbline Advisers acquired a new position in South Bow during the 4th quarter valued at about $34,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in South Bow in the fourth quarter valued at about $6,787,000. US Bancorp DE acquired a new stake in South Bow in the fourth quarter worth about $373,000. Finally, Assetmark Inc. purchased a new stake in shares of South Bow during the fourth quarter worth about $33,000.

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.