Sable Offshore Corp. (NYSE:SOC) Shares Acquired by GM Advisory Group LLC

GM Advisory Group LLC boosted its stake in Sable Offshore Corp. (NYSE:SOC) by 370.3% in the 3rd quarter, Holdings Channel reports. The firm owned 510,000 shares of the company’s stock after buying an additional 401,559 shares during the quarter. GM Advisory Group LLC’s holdings in Sable Offshore were worth $12,051,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SOC. Amalgamated Bank acquired a new position in shares of Sable Offshore during the second quarter worth $26,000. US Bancorp DE boosted its position in Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after buying an additional 3,758 shares during the last quarter. Covestor Ltd acquired a new stake in shares of Sable Offshore during the third quarter valued at about $130,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Sable Offshore during the second quarter worth about $86,000. Finally, Intech Investment Management LLC acquired a new position in shares of Sable Offshore in the third quarter worth about $245,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

Sable Offshore Stock Up 3.7 %

Shares of SOC opened at $22.92 on Friday. 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 Corp. has a 12-month low of $10.11 and a 12-month high of $28.67. The business’s fifty day moving average price is $22.39 and its 200 day moving average price is $17.80.

Wall Street Analyst Weigh In

SOC has been the topic of several analyst reports. BWS Financial restated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Friday, November 15th. Benchmark restated a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. Johnson Rice assumed coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Jefferies Financial Group boosted their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $25.00.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were acquired at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 14.30% of the company’s stock.

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.