South Bow (NYSE:SOBO) Sees Unusually-High Trading Volume - Here's What Happened

South Bow Co. (NYSE:SOBO - Get Free Report) saw strong trading volume on Friday . 8,407,525 shares traded 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.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SOBO shares. Scotiabank raised their price target on shares of South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a research note on Friday, March 7th. Royal Bank of Canada restated an "outperform" rating on shares of South Bow in a research report on Friday, March 7th. Wells Fargo & Company cut South Bow from a "hold" rating to a "strong sell" rating in a research report on Wednesday, December 18th. CIBC lowered South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price objective on the stock. in a report on Friday, March 7th. Finally, JPMorgan Chase & Co. initiated coverage on shares of South Bow in a report on Friday. They set a "neutral" rating and a $28.00 target price for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, South Bow presently has an average rating of "Hold" and a consensus price target of $26.25.

South Bow Trading Up 0.1 %

The stock has a market capitalization of $5.32 billion and a PE ratio of 13.81. The firm's fifty day moving average price is $25.34.

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South Bow (NYSE:SOBO - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.12. The firm had revenue of $488.00 million during the quarter, compared to analysts' expectations of $524.87 million. On average, sell-side analysts expect that South Bow Co. will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 7.83%. South Bow's dividend payout ratio (DPR) is 108.11%.

Hedge Funds Weigh In On South Bow

Large investors have recently modified their holdings of the business. Mutual Advisors LLC purchased a new stake in South Bow in the 4th quarter valued at about $517,000. Rhumbline Advisers acquired a new stake in shares of South Bow during the fourth quarter valued at about $34,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in shares of South Bow in the 4th quarter valued at approximately $6,787,000. US Bancorp DE acquired a new position in shares of South Bow in the 4th quarter worth approximately $373,000. Finally, Assetmark Inc. purchased a new position in shares of South Bow during the 4th quarter worth approximately $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.