Ascent Group LLC Invests $449,000 in Sable Offshore Corp. $SOC

Key Points

• Ascent Group LLC acquired a new stake in Sable Offshore Corp. by purchasing 17,685 shares valued at approximately $449,000 in the first quarter.
• Analysts show a positive outlook for SOC shares, with multiple upgrades including a price target increase from $37.00 to $47.00 by Benchmark.
• Despite a recent earnings miss of ($1.10) per share, Sable Offshore Corp. shares rose by 22.7%, with a current trading price of $24.60.

Ascent Group LLC acquired 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 disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,685 shares of the company's stock, valued at approximately $449,000.

A number of other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its holdings in Sable Offshore by 18.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,613 shares of the company's stock valued at $450,000 after buying an additional 3,001 shares during the period. Northern Trust Corp increased its stake in Sable Offshore by 7.0% in the fourth quarter. Northern Trust Corp now owns 470,112 shares of the company's stock valued at $10,766,000 after acquiring an additional 30,720 shares during the last quarter. Ameriprise Financial Inc. bought a new position in Sable Offshore in the fourth quarter valued at approximately $213,000. Deutsche Bank AG raised its position in Sable Offshore by 52.0% during the fourth quarter. Deutsche Bank AG now owns 45,241 shares of the company's stock valued at $1,036,000 after purchasing an additional 15,481 shares in the last quarter. Finally, Ensign Peak Advisors Inc bought a new stake in Sable Offshore during the fourth quarter worth $717,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Price Performance

Sable Offshore stock traded down $0.02 during trading hours on Friday, hitting $23.13. The stock had a trading volume of 4,509,677 shares, compared to its average volume of 3,592,769. The business's 50 day simple moving average is $26.77 and its 200-day simple moving average is $24.75. 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 results on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 9,933,394 shares in the company, valued at approximately $218,336,000.12. This represents a 1.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 36.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SOC shares. Roth Capital set a $37.00 target price on Sable Offshore and gave the company a "buy" rating in a report on Friday, May 23rd. Benchmark upped their price objective on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Sable Offshore has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.

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.