US Bancorp DE Has $115,000 Holdings in Sable Offshore Corp. (NYSE:SOC)

US Bancorp DE grew its holdings in Sable Offshore Corp. (NYSE:SOC) by 340.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,862 shares of the company’s stock after buying an additional 3,758 shares during the quarter. US Bancorp DE’s holdings in Sable Offshore were worth $115,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Amalgamated Bank acquired a new stake in shares of Sable Offshore in the 2nd quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Sable Offshore in the 2nd quarter valued at about $86,000. Spartan Fund Management Inc. acquired a new stake in shares of Sable Offshore during the second quarter worth $162,000. Ballentine Partners LLC bought a new stake in Sable Offshore in the third quarter valued at about $313,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Sable Offshore during the third quarter valued at approximately $406,000. 26.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on SOC shares. Johnson Rice started coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective for the company. Jefferies Financial Group raised their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. BWS Financial reissued a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Friday. Finally, Benchmark reaffirmed a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sable Offshore has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim bought 750,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 14.30% of the stock is owned by company insiders.

Sable Offshore Stock Performance

Shares of SOC stock opened at $20.62 on Friday. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $28.67. The company’s fifty day simple moving average is $22.36 and its 200-day simple moving average is $17.51. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). On average, research analysts predict that Sable Offshore Corp. will post -3.95 earnings per share for the current fiscal year.

About Sable Offshore

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.