Virtu Financial LLC Makes New $521,000 Investment in Sable Offshore Corp. (NYSE:SOC)

Virtu Financial LLC bought a new position in shares of Sable Offshore Corp. (NYSE:SOC) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 22,043 shares of the company’s stock, valued at approximately $521,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Amalgamated Bank acquired a new position in Sable Offshore during the second quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Sable Offshore by 31.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock worth $179,000 after buying an additional 1,830 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Sable Offshore by 9.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock worth $927,000 after buying an additional 3,531 shares in the last quarter. US Bancorp DE grew its holdings in shares of Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after buying an additional 3,758 shares in the last quarter. Finally, Covestor Ltd purchased a new stake in shares of Sable Offshore during the third quarter worth about $130,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim bought 750,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was purchased 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 $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 14.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SOC has been the subject of a number of recent research reports. Jefferies Financial Group lifted their price target 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. Benchmark reiterated a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a report on Monday, October 7th. Johnson Rice initiated coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. Finally, BWS Financial reiterated a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Sable Offshore has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Price Performance

Sable Offshore stock opened at $20.88 on Monday. Sable Offshore Corp. has a 1 year low of $10.11 and a 1 year high of $28.67. The firm has a 50 day moving average price of $21.57 and a 200 day moving average price of $18.93. 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 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.