Emerald Mutual Fund Advisers Trust Purchases Shares of 175,013 Sable Offshore Corp. (NYSE:SOC)

Emerald Mutual Fund Advisers Trust purchased a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 175,013 shares of the company's stock, valued at approximately $4,008,000. Emerald Mutual Fund Advisers Trust owned 0.20% of Sable Offshore as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SOC. Invesco Ltd. boosted its holdings in shares of Sable Offshore by 2.7% in the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company's stock worth $596,000 after buying an additional 679 shares during the period. MetLife Investment Management LLC boosted its stake in Sable Offshore by 5.5% in the 4th quarter. MetLife Investment Management LLC now owns 31,240 shares of the company's stock worth $715,000 after purchasing an additional 1,634 shares during the period. Salem Investment Counselors Inc. boosted its stake in Sable Offshore by 81.8% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock worth $114,000 after purchasing an additional 2,250 shares during the period. Summit Securities Group LLC purchased a new position in Sable Offshore during the 4th quarter worth approximately $53,000. Finally, Legal & General Group Plc raised its stake in Sable Offshore by 7.2% during the 4th quarter. Legal & General Group Plc now owns 43,284 shares of the company's stock valued at $991,000 after purchasing an additional 2,890 shares during the period. Hedge funds and other institutional investors own 26.19% of the company's stock.

Wall Street Analysts Forecast Growth

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

Sable Offshore Stock Performance

Shares of SOC traded up $0.41 during midday trading on Friday, reaching $20.42. 1,236,152 shares of the stock were exchanged, compared to its average volume of 1,136,956. The firm has a 50 day simple moving average of $22.45 and a 200-day simple moving average of $23.16. Sable Offshore Corp. has a 12-month low of $10.40 and a 12-month high of $32.33. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction dated 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 completion of the sale, the insider now owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This represents a 1.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 14.30% of the company's stock.

About Sable Offshore

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.