Trek Financial LLC Makes New Investment in Sable Offshore Corp. (NYSE:SOC)

Trek Financial LLC purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 25,536 shares of the company's stock, valued at approximately $648,000.

Several other hedge funds have also recently added to or reduced their stakes in SOC. Vanguard Group Inc. increased its stake in shares of Sable Offshore by 23.6% in the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock valued at $79,832,000 after acquiring an additional 665,407 shares in the last quarter. Encompass Capital Advisors LLC increased its stake in shares of Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock valued at $32,060,000 after acquiring an additional 788,495 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Sable Offshore by 16.9% in the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock valued at $28,155,000 after acquiring an additional 177,971 shares in the last quarter. Greenhaven Road Investment Management L.P. increased its stake in shares of Sable Offshore by 24.3% in the 4th quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company's stock valued at $14,275,000 after acquiring an additional 121,751 shares in the last quarter. Finally, GM Advisory Group LLC increased its stake in shares of Sable Offshore by 17.6% in the 4th quarter. GM Advisory Group LLC now owns 600,000 shares of the company's stock valued at $13,740,000 after acquiring an additional 90,000 shares in the last quarter. Institutional investors own 26.19% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on SOC. BWS Financial reissued a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, May 13th. 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. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the company a "buy" rating in a research report on Friday, May 23rd. Benchmark lifted their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Sable Offshore has an average rating of "Moderate Buy" and an average target price of $30.33.

Sable Offshore Stock Performance

SOC traded down $0.21 during mid-day trading on Thursday, reaching $21.80. 451,234 shares of the stock were exchanged, compared to its average volume of 1,551,239. The company has a debt-to-equity ratio of 3.04, a current ratio of 1.67 and a quick ratio of 1.57. The company has a 50 day moving average price of $24.80 and a two-hundred day moving average price of $24.22. Sable Offshore Corp. has a 1 year low of $13.66 and a 1 year high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last issued 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 company had revenue of $78.00 million for the quarter, compared to the consensus estimate of $21.00 million. Equities analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

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 sale, the insider directly owned 10,100,569 shares in the company, valued at $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 36.36% of the stock is currently owned by corporate insiders.

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.