SCS Capital Management LLC Makes New Investment in Sable Offshore Corp. $SOC

Key Points

• SCS Capital Management LLC purchased 120,000 shares of Sable Offshore Corp. worth approximately $3.04 million, representing a 0.13% ownership stake.
• Other institutional investors also acquired stakes in Sable Offshore, with hedge funds owning a total of 26.19% of the company's stock.
• Sable Offshore Corp. reported a loss of ($1.10) earnings per share for the last quarter, missing analysts' expectations by ($0.44).

SCS Capital Management LLC bought a new stake in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 120,000 shares of the company's stock, valued at approximately $3,044,000. SCS Capital Management LLC owned 0.13% of Sable Offshore as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SOC. SVB Wealth LLC acquired a new position in shares of Sable Offshore during the 1st quarter valued at $29,000. Quantbot Technologies LP acquired a new position in shares of Sable Offshore during the 1st quarter valued at $48,000. NewEdge Advisors LLC lifted its position in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after acquiring an additional 650 shares during the period. US Bancorp DE raised its holdings in Sable Offshore by 62.2% during the first quarter. US Bancorp DE now owns 3,281 shares of the company's stock worth $83,000 after buying an additional 1,258 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Sable Offshore by 3,686.3% during the first quarter. PNC Financial Services Group Inc. now owns 4,430 shares of the company's stock worth $112,000 after buying an additional 4,313 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $21.98, for a total value of $3,674,506.50. Following the sale, the insider directly owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. This represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 36.36% of the company's stock.

Analyst Ratings Changes

SOC has been the topic of several research reports. Benchmark upped their price objective on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $30.00.

Sable Offshore Stock Performance

Shares of NYSE SOC traded down $0.02 during trading on Friday, hitting $23.13. The stock had a trading volume of 4,509,677 shares, compared to its average volume of 3,592,769. Sable Offshore Corp. has a 12 month low of $16.26 and a 12 month high of $35.00. The firm has a fifty day moving average of $26.77 and a two-hundred day moving average of $24.75.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.44). As a group, equities research analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

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.