Bank of America Corp DE increased its position in Sable Offshore Corp. (NYSE:SOC - Free Report) by 224.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,295,085 shares of the company's stock after buying an additional 896,258 shares during the period. Bank of America Corp DE owned 0.84% of Sable Offshore worth $21,395,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital International Investors boosted its stake in shares of Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company's stock worth $104,564,000 after buying an additional 9,788,351 shares during the last quarter. Encompass Capital Advisors LLC lifted its position in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock worth $121,673,000 after acquiring an additional 5,091,925 shares in the last quarter. Easterly Investment Partners LLC bought a new stake in shares of Sable Offshore during the 4th quarter valued at $2,093,000. Purpose Unlimited Inc. bought a new stake in shares of Sable Offshore during the 4th quarter valued at $1,078,000. Finally, Cobalt Capital Management Inc. lifted its holdings in Sable Offshore by 1,200.0% during the 4th quarter. Cobalt Capital Management Inc. now owns 260,000 shares of the company's stock worth $2,345,000 after purchasing an additional 240,000 shares in the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.
Analyst Ratings Changes
SOC has been the subject of several analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Zacks Research downgraded shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a report on Wednesday, June 3rd. Roth Capital restated a "buy" rating and issued a $11.00 price objective on shares of Sable Offshore in a research report on Tuesday, August 11th. Finally, Wall Street Zen cut shares of Sable Offshore from a "hold" rating to a "sell" rating in a research note on Saturday, June 6th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Sable Offshore has an average rating of "Hold" and a consensus price target of $13.33.
Read Our Latest Stock Analysis on Sable Offshore
Sable Offshore Stock Performance
Sable Offshore stock opened at $3.98 on Wednesday. The firm has a fifty day simple moving average of $5.80 and a two-hundred day simple moving average of $10.46. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85. Sable Offshore Corp. has a twelve month low of $2.88 and a twelve month high of $29.00. The company has a market capitalization of $764.03 million, a PE ratio of -1.21 and a beta of -0.15.
Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.79). The business had revenue of $137.13 million during the quarter, compared to analysts' expectations of $237.65 million. Research analysts expect that Sable Offshore Corp. will post -2.18 EPS for the current year.
About Sable Offshore
(
Free Report)
Sable Offshore NYSE: SOC is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.
Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.
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