Allspring Global Investments Holdings LLC Acquires Shares of 11,616 Sable Offshore Corp. (NYSE:SOC)

Allspring Global Investments Holdings LLC purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 11,616 shares of the company's stock, valued at approximately $295,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Invesco Ltd. raised 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 worth $596,000 after buying an additional 679 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Sable Offshore by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company's stock worth $658,000 after purchasing an additional 1,000 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Sable Offshore by 5.5% in 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 in the last quarter. Summit Securities Group LLC bought a new stake in shares of Sable Offshore in the 4th quarter worth approximately $53,000. Finally, Legal & General Group Plc raised its holdings in shares of Sable Offshore by 7.2% in the 4th quarter. Legal & General Group Plc now owns 43,284 shares of the company's stock worth $991,000 after purchasing an additional 2,890 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SOC has been the topic of a number of research reports. Benchmark boosted their target price 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. BWS Financial reiterated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a report on Tuesday, May 13th. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Roth Mkm initiated coverage on shares of Sable Offshore in a report on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price on the stock. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.33.

Sable Offshore Stock Up 3.0%

Shares of SOC stock traded up $0.65 during trading hours on Friday, reaching $22.45. 1,686,628 shares of the stock traded hands, compared to its average volume of 1,563,082. Sable Offshore Corp. has a 1-year low of $13.66 and a 1-year high of $35.00. The business has a fifty day moving average price of $24.87 and a 200 day moving average price of $24.21. 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 released its quarterly earnings results 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 firm had revenue of $78.00 million for the quarter, compared to analyst estimates of $21.00 million. As a group, equities research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the transaction, the insider owned 10,100,569 shares in the company, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 36.36% of the stock is 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.