136,500 Shares in Sable Offshore Corp. $SOC Bought by Union Square Park Capital Management LLC

Key Points

• Union Square Park acquired a new Q3 position of 136,500 shares of Sable Offshore (NYSE:SOC) valued at about $2.383 million, making it the fund’s 25th-largest holding and representing roughly 0.14% of the company.
• Several other institutions added sizable stakes—Cooper Creek (~$24.5M) and Two Seas (~$9.7M) among them—and hedge funds/institutions now own about 26.19% of SOC, indicating rising institutional interest.
• Sable Offshore beat quarterly estimates (EPS -$0.39 vs. -$0.59; revenue $1.0M vs. $0.5M), but analysts are mixed with a consensus Hold rating and a $19 price target while full-year EPS is forecast at -6.39.

Union Square Park Capital Management LLC acquired a new position in Sable Offshore Corp. (NYSE:SOC - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 136,500 shares of the company's stock, valued at approximately $2,383,000. Sable Offshore comprises about 0.9% of Union Square Park Capital Management LLC's investment portfolio, making the stock its 25th largest position. Union Square Park Capital Management LLC owned about 0.14% of Sable Offshore as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SOC. Cooper Creek Partners Management LLC purchased a new position in Sable Offshore in the second quarter valued at about $24,465,000. Two Seas Capital LP purchased a new stake in shares of Sable Offshore during the 2nd quarter worth approximately $9,708,000. Capital Fund Management S.A. increased its stake in shares of Sable Offshore by 172.6% during the 2nd quarter. Capital Fund Management S.A. now owns 329,083 shares of the company's stock worth $7,233,000 after purchasing an additional 208,359 shares during the last quarter. HUB Investment Partners LLC bought a new stake in shares of Sable Offshore in the 3rd quarter worth approximately $1,659,000. Finally, CenterBook Partners LP purchased a new position in Sable Offshore in the third quarter valued at approximately $2,864,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

Sable Offshore Price Performance

NYSE:SOC opened at $16.76 on Friday. The company has a market cap of $2.43 billion, a P/E ratio of -3.99 and a beta of 0.43. The stock's fifty day moving average price is $10.33 and its two-hundred day moving average price is $12.23. Sable Offshore Corp. has a 1 year low of $3.72 and a 1 year high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.20. The company had revenue of $1.00 million during the quarter, compared to analysts' expectations of $0.50 million. On average, analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on SOC shares. Benchmark reissued a "hold" rating on shares of Sable Offshore in a report on Thursday, March 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Jefferies Financial Group reiterated a "buy" rating and set a $28.00 price target on shares of Sable Offshore in a research note on Thursday, March 5th. TD Cowen reissued a "buy" rating on shares of Sable Offshore in a report on Thursday, December 18th. Finally, Roth Mkm restated a "buy" rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $19.00.

Sable Offshore Company Profile

Sable Offshore NYSE: SOC is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.

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