LPL Financial LLC Acquires New Position in Sable Offshore Corp. (NYSE:SOC)

LPL Financial LLC acquired a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 13,636 shares of the company's stock, valued at approximately $312,000.

Several other hedge funds and other institutional investors have also bought and sold shares of SOC. GM Advisory Group LLC raised its position in Sable Offshore by 17.6% during the fourth quarter. GM Advisory Group LLC now owns 600,000 shares of the company's stock worth $13,740,000 after acquiring an additional 90,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Sable Offshore by 27.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 493,042 shares of the company's stock worth $11,291,000 after acquiring an additional 107,475 shares in the last quarter. JPMorgan Chase & Co. raised its position in Sable Offshore by 153.6% during the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company's stock worth $2,836,000 after acquiring an additional 72,694 shares in the last quarter. Barclays PLC raised its position in Sable Offshore by 342.9% during the third quarter. Barclays PLC now owns 77,583 shares of the company's stock worth $1,832,000 after acquiring an additional 60,065 shares in the last quarter. Finally, Bleakley Financial Group LLC bought a new stake in Sable Offshore during the fourth quarter worth $1,562,000. Institutional investors own 26.19% of the company's stock.

Sable Offshore Stock Performance

SOC stock traded up $1.09 during mid-day trading on Thursday, hitting $19.75. 389,963 shares of the company were exchanged, compared to its average volume of 1,122,148. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. Sable Offshore Corp. has a 1-year low of $10.30 and a 1-year high of $32.33. The business has a 50 day simple moving average of $22.81 and a 200-day simple moving average of $23.13.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the sale, the insider now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 14.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on SOC. Roth Mkm assumed coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price target on the stock. BWS Financial reiterated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Capital set a $30.00 price target on shares of Sable Offshore in a report on Thursday, March 27th. Finally, Benchmark restated a "buy" rating on shares of Sable Offshore in a research report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $27.50.

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.