US Bancorp DE Lowers Stock Position in Sable Offshore Corp. (NYSE:SOC)

US Bancorp DE decreased its position in Sable Offshore Corp. (NYSE:SOC) by 58.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,023 shares of the company’s stock after selling 2,839 shares during the period. US Bancorp DE’s holdings in Sable Offshore were worth $46,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Himalaya Capital Management LLC purchased a new position in Sable Offshore during the third quarter worth approximately $31,735,000. State Street Corp grew its position in shares of Sable Offshore by 74.3% in the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after purchasing an additional 677,426 shares during the period. GM Advisory Group LLC increased its stake in shares of Sable Offshore by 370.3% during the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Sable Offshore by 153.6% during the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock valued at $2,836,000 after acquiring an additional 72,694 shares during the last quarter. Finally, Bleakley Financial Group LLC acquired a new stake in shares of Sable Offshore in the fourth quarter worth approximately $1,562,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Stock Up 1.6 %

NYSE SOC opened at $25.76 on Wednesday. Sable Offshore Corp. has a twelve month low of $10.11 and a twelve month high of $32.33. The stock has a fifty day simple moving average of $25.72 and a 200-day simple moving average of $23.49. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SOC shares. BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Tuesday. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating for the company. Finally, Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $26.25.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.