88,436 Shares in Sable Offshore Corp. $SOC Purchased by Josh Arnold Investment Consultant LLC

Key Points

• Josh Arnold Investment Consultant LLC acquired 88,436 shares of Sable Offshore Corp. valued at approximately $2,244,000, making it the firm's 8th largest holding.
• Major shareholder Global Icav Pilgrim sold 167,175 shares at an average price of $21.98, reducing their position by 1.66% while still holding a substantial amount of shares.
• Analysts have mixed ratings on SOC, with a consensus price target of $30.00 and significant upgrades indicating a positive outlook despite recent earnings miss.

Josh Arnold Investment Consultant LLC acquired a new position in Sable Offshore Corp. (NYSE:SOC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 88,436 shares of the company's stock, valued at approximately $2,244,000. Sable Offshore comprises about 1.9% of Josh Arnold Investment Consultant LLC's investment portfolio, making the stock its 8th biggest position. Josh Arnold Investment Consultant LLC owned approximately 0.10% of Sable Offshore at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Sable Offshore by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company's stock valued at $658,000 after purchasing an additional 1,000 shares during the period. SVB Wealth LLC bought a new stake in Sable Offshore in the 1st quarter worth about $29,000. Townsquare Capital LLC grew its position in shares of Sable Offshore by 12.3% during the 1st quarter. Townsquare Capital LLC now owns 11,338 shares of the company's stock valued at $288,000 after acquiring an additional 1,242 shares during the period. US Bancorp DE grew its position in shares of Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company's stock valued at $83,000 after acquiring an additional 1,258 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Sable Offshore during the 1st quarter valued at approximately $48,000. Institutional investors own 26.19% of the company's stock.

Sable Offshore Price Performance

Shares of NYSE:SOC traded down $1.92 during midday trading on Tuesday, reaching $20.16. 12,847,083 shares of the company were exchanged, compared to its average volume of 2,248,778. The business's fifty day moving average is $26.77 and its two-hundred day moving average is $24.89. Sable Offshore Corp. has a one year low of $16.26 and a one year high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings data 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, sell-side analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SOC has been the topic of several recent analyst reports. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. BWS Financial reissued a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a report on Tuesday, May 13th. Finally, Benchmark raised their price target 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. Six research 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, Sable Offshore currently has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the company's stock in a transaction on 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 $218,336,000.12. This represents a 1.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 36.36% of the company's stock.

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.