Bank of America Corp DE Sells 21,306 Shares of Sable Offshore Corp. (NYSE:SOC)

Bank of America Corp DE lowered its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 50.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,172 shares of the company's stock after selling 21,306 shares during the quarter. Bank of America Corp DE's holdings in Sable Offshore were worth $485,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock worth $79,832,000 after acquiring an additional 665,407 shares during the period. Geode Capital Management LLC boosted its position in Sable Offshore by 16.9% in the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock valued at $28,155,000 after buying an additional 177,971 shares during the last quarter. Greenhaven Road Investment Management L.P. lifted its position in Sable Offshore by 24.3% during the fourth quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company's stock valued at $14,275,000 after purchasing an additional 121,751 shares during the period. GM Advisory Group LLC boosted its stake in shares of Sable Offshore by 17.6% in the fourth quarter. GM Advisory Group LLC now owns 600,000 shares of the company's stock worth $13,740,000 after buying an additional 90,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Sable Offshore by 27.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 493,042 shares of the company's stock worth $11,291,000 after purchasing an additional 107,475 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company's stock.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the transaction, the insider now owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 36.36% of the company's stock.

Sable Offshore Trading Down 0.5%

Shares of NYSE:SOC traded down $0.11 during mid-day trading on Thursday, hitting $22.86. 1,360,244 shares of the company traded hands, compared to its average volume of 1,442,547. The firm's 50 day simple moving average is $23.41 and its 200 day simple moving average is $24.10. Sable Offshore Corp. has a 52-week low of $13.66 and a 52-week high of $35.00. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to analyst estimates of $21.00 million. As a group, analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SOC shares. Benchmark raised their price objective on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. BWS Financial restated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, May 13th. Roth Mkm initiated coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They issued a "buy" rating and a $30.00 price target for the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Finally, Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

Sable Offshore 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.