BNP Paribas Financial Markets Trims Holdings in Sable Offshore Corp. (NYSE:SOC)

BNP Paribas Financial Markets decreased its holdings in Sable Offshore Corp. (NYSE:SOC - Free Report) by 80.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,899 shares of the company's stock after selling 28,514 shares during the quarter. BNP Paribas Financial Markets' holdings in Sable Offshore were worth $158,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Americana Partners LLC acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $309,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Sable Offshore in the 4th quarter valued at $354,000. Emerald Advisers LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at $6,700,000. Raymond James Financial Inc. acquired a new position in shares of Sable Offshore in the 4th quarter valued at $1,177,000. Finally, Bleakley Financial Group LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at $1,562,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SOC shares. BWS Financial reaffirmed 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 research report on Friday, May 23rd. Roth Mkm began coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 target price on the stock. 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 research report on Tuesday, May 20th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $30.33.

Insider Transactions at Sable Offshore

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 stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This represents a 1.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 36.36% of the company's stock.

Sable Offshore Trading Down 16.2%

Shares of NYSE SOC traded down $4.72 on Tuesday, reaching $24.46. 4,812,632 shares of the company traded hands, compared to its average volume of 1,373,097. 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 50 day moving average of $23.50 and a 200 day moving average of $24.07. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its 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 during the quarter, compared to analyst estimates of $21.00 million. On average, sell-side analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

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.