South Bow (NYSE:SOBO) Trading Down 2.4% – Here’s Why

South Bow Co. (NYSE:SOBO) dropped 2.4% on Wednesday . The stock traded as low as $22.78 and last traded at $22.80. Approximately 626,053 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 845,697 shares. The stock had previously closed at $23.37.

Analysts Set New Price Targets

Several equities analysts have commented on SOBO shares. Jefferies Financial Group started coverage on South Bow in a report on Tuesday, October 8th. They issued a “hold” rating for the company. Cibc World Mkts upgraded South Bow to a “hold” rating in a research note on Friday, October 11th. Morgan Stanley initiated coverage on South Bow in a research report on Friday, October 25th. They issued an “underweight” rating for the company. US Capital Advisors raised shares of South Bow to a “strong-buy” rating in a report on Monday, October 28th. Finally, Tudor Pickering raised shares of South Bow to a “strong-buy” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

South Bow Price Performance

The firm’s 50 day moving average is $24.64.

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 8.77%. The ex-dividend date of this dividend is Tuesday, December 31st. South Bow’s dividend payout ratio (DPR) is 114.29%.

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.