683 Capital Management LLC Buys Shares of 130,500 Sable Offshore Corp. $SOC

Key Points

• 683 Capital Management LLC acquired a new position in Sable Offshore Corp., purchasing 130,500 shares valued at approximately $3.3 million, representing a 0.15% ownership stake.
• Major shareholder Global Icav Pilgrim sold 167,175 shares at an average price of $21.98, leading to a 1.66% decrease in their ownership, which now totals 9,933,394 shares.
• Analysts have mixed ratings on Sable Offshore, with Benchmark raising its price target to $47.00 and six analysts giving it a "Buy" rating, while one analyst recommended a "Sell" with a target of $6.00.

683 Capital Management LLC purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 130,500 shares of the company's stock, valued at approximately $3,311,000. 683 Capital Management LLC owned 0.15% of Sable Offshore at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. CenterBook Partners LP purchased a new position in shares of Sable Offshore during the first quarter worth about $1,499,000. Toronto Dominion Bank purchased a new stake in shares of Sable Offshore in the fourth quarter valued at about $344,000. FNY Investment Advisers LLC increased its stake in shares of Sable Offshore by 1,190.1% during the first quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock worth $382,000 after acquiring an additional 13,924 shares during the period. Encompass Capital Advisors LLC raised its holdings in Sable Offshore by 128.9% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock worth $32,060,000 after purchasing an additional 788,495 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in Sable Offshore by 29.0% during the fourth quarter. California State Teachers Retirement System now owns 31,856 shares of the company's stock worth $730,000 after purchasing an additional 7,152 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the transaction, the insider owned 9,933,394 shares in the company, valued at $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.36% of the stock is owned by insiders.

Sable Offshore Stock Performance

Shares of NYSE SOC traded down $0.23 during trading on Friday, reaching $22.75. The company had a trading volume of 3,610,073 shares, compared to its average volume of 2,217,616. Sable Offshore Corp. has a twelve month low of $16.26 and a twelve month high of $35.00. The stock has a 50-day moving average price of $26.77 and a two-hundred day moving average price of $24.97.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). As a group, 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 have weighed in on the company. Roth Capital set a $37.00 price objective on Sable Offshore and gave the company a "buy" rating in a report on Friday, May 23rd. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. BWS Financial reiterated a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, May 13th. Finally, Benchmark increased their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $30.00.

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.