Trek Financial LLC Purchases Shares of 25,536 Sable Offshore Corp. (NYSE:SOC)

Trek Financial LLC acquired a new position in Sable Offshore Corp. (NYSE:SOC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 25,536 shares of the company's stock, valued at approximately $648,000.

Several other institutional investors have also modified their holdings of SOC. Invesco Ltd. boosted its position in shares of Sable Offshore by 2.7% during the 4th quarter. Invesco Ltd. now owns 26,030 shares of the company's stock valued at $596,000 after acquiring an additional 679 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sable Offshore by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company's stock worth $658,000 after buying an additional 1,000 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Sable Offshore by 5.5% during 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. Summit Securities Group LLC acquired a new position in Sable Offshore during the 4th quarter worth approximately $53,000. Finally, Legal & General Group Plc lifted its holdings in Sable Offshore by 7.2% during the 4th quarter. Legal & General Group Plc now owns 43,284 shares of the company's stock worth $991,000 after buying an additional 2,890 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Price Performance

Shares of SOC traded up $0.65 on Friday, hitting $22.45. The company's stock had a trading volume of 1,686,628 shares, compared to its average volume of 1,560,994. The company has a 50 day moving average price of $24.83 and a 200 day moving average price of $24.21. Sable Offshore Corp. has a fifty-two week low of $13.66 and a fifty-two week high of $35.00. The company has a quick ratio of 1.57, a current ratio of 1.67 and a debt-to-equity ratio of 3.04.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) 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 analysts' expectations of $21.00 million. As a group, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the sale, the insider directly owned 10,100,569 shares of the company's stock, valued at $256,251,435.53. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 36.36% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on SOC. Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. BWS Financial reissued a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, May 13th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Benchmark lifted their target price on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. Finally, Roth Mkm started coverage on Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

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.