South Bow (NYSE:SOBO) Shares Down 3.1% – Here’s What Happened

South Bow Corporation (NYSE:SOBO) dropped 3.1% during mid-day trading on Wednesday . The company traded as low as $27.50 and last traded at $27.52. Approximately 145,199 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 841,319 shares. The stock had previously closed at $28.40.

Analyst Ratings Changes

SOBO has been the subject of several analyst reports. UBS Group initiated coverage on South Bow in a report on Thursday, December 11th. They set a “neutral” rating for the company. CIBC boosted their price objective on South Bow from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of South Bow in a research note on Monday, November 17th. US Capital Advisors downgraded shares of South Bow from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Finally, BMO Capital Markets restated a “market perform” rating on shares of South Bow in a report on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $29.50.

South Bow Stock Down 3.2%

The firm has a 50-day moving average of $27.11 and a two-hundred day moving average of $27.10. The stock has a market capitalization of $5.72 billion, a price-to-earnings ratio of 17.29 and a beta of 0.47. The company has a quick ratio of 1.28, a current ratio of 1.36 and a debt-to-equity ratio of 2.19.

South Bow (NYSE:SOBO) last announced its quarterly earnings data on Thursday, November 13th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.09. The firm had revenue of $461.00 million during the quarter, compared to analyst estimates of $498.00 million. South Bow had a return on equity of 15.13% and a net margin of 16.84%.The firm’s revenue was down 13.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 7.3%. South Bow’s payout ratio is presently 125.79%.

Institutional Investors Weigh In On South Bow

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its stake in shares of South Bow by 157.3% in the third quarter. EverSource Wealth Advisors LLC now owns 1,055 shares of the company’s stock worth $30,000 after acquiring an additional 645 shares during the last quarter. IFP Advisors Inc grew its stake in South Bow by 780.3% in the third quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock valued at $34,000 after purchasing an additional 1,069 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in South Bow by 1,993.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock valued at $35,000 after purchasing an additional 1,276 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position 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 worth $40,000 after purchasing an additional 930 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of South Bow during the 3rd quarter worth about $66,000.

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.