South Bow (NYSE:SOBO) Shares Down 5.9% – Time to Sell?

South Bow Co. (NYSE:SOBO)’s share price dropped 5.9% during mid-day trading on Thursday . The stock traded as low as $24.60 and last traded at $25.75. Approximately 147,247 shares traded hands during trading, a decline of 79% from the average daily volume of 698,427 shares. The stock had previously closed at $27.37.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company cut South Bow from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 18th. TD Securities began coverage on shares of South Bow in a report on Wednesday, January 15th. They issued a “hold” rating on the stock. CIBC raised shares of South Bow from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $23.00 to $25.00 in a research report on Thursday, January 9th. Tudor Pickering upgraded shares of South Bow to a “strong-buy” rating in a research report on Tuesday, November 19th. Finally, Scotiabank raised their price objective on South Bow from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.50.

South Bow Trading Down 8.3 %

The company has a market cap of $5.22 billion and a P/E ratio of 13.56. The company’s fifty day simple moving average is $24.56.

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

Institutional Trading of South Bow

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Chelsea Counsel Co. purchased a new position in shares of South Bow in the 4th quarter valued at $208,000. B. Riley Wealth Advisors Inc. acquired a new stake in South Bow in the 4th quarter valued at $689,000. Polar Asset Management Partners Inc. purchased a new position in South Bow in the fourth quarter valued at about $590,000. Mackenzie Financial Corp acquired a new position in shares of South Bow during the fourth quarter worth about $26,826,000. Finally, Centerstone Investors LLC purchased a new stake in shares of South Bow in the fourth quarter worth about $1,426,000.

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.