Driehaus Capital Management LLC Has $11.15 Million Holdings in Sable Offshore Corp. (NYSE:SOC)

Driehaus Capital Management LLC increased its holdings in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 57.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 487,096 shares of the company's stock after acquiring an additional 178,606 shares during the period. Driehaus Capital Management LLC owned about 0.55% of Sable Offshore worth $11,154,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in shares of Sable Offshore during the 4th quarter worth approximately $53,000. IFP Advisors Inc bought a new position in Sable Offshore during the 4th quarter valued at about $81,000. ORG Wealth Partners LLC acquired a new position in Sable Offshore in the fourth quarter valued at about $106,000. Salem Investment Counselors Inc. increased its holdings in shares of Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock worth $114,000 after buying an additional 2,250 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Sable Offshore in the 4th quarter worth approximately $144,000. Institutional investors own 26.19% of the company's stock.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business's stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now directly owns 10,100,569 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 14.30% of the company's stock.

Sable Offshore Trading Up 6.1%

SOC stock traded up $1.60 during midday trading on Tuesday, reaching $28.02. The stock had a trading volume of 3,081,701 shares, compared to its average volume of 1,183,556. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore Corp. has a twelve month low of $11.16 and a twelve month high of $32.33. The business has a fifty day simple moving average of $21.95 and a two-hundred day simple moving average of $23.29.

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 for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The firm had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. As a group, sell-side analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Benchmark reaffirmed a "buy" rating on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Capital set a $30.00 price target on Sable Offshore in a report on Thursday, March 27th. Roth Mkm began coverage on shares of Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 price objective on the stock. Finally, BWS Financial restated a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Sable Offshore has a consensus rating of "Moderate Buy" and an average target price of $27.50.

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.