Capital Fund Management S.A. Buys 208,359 Shares of Sable Offshore Corp. $SOC

Key Points

• Capital Fund Management S.A. boosted its stake in Sable Offshore (NYSE:SOC) by 172.6%, buying an additional 208,359 shares to hold 329,083 shares (~0.37% of the company) worth about $7.23 million.
• Major shareholder Global Icav Pilgrim bought 982,645 shares at an average $15.04, raising its holding to 10,933,394 shares, and corporate insiders now own roughly 36.36% of the stock.
• Analysts have cut price targets (Benchmark and Jefferies to about $20), leaving an average consensus rating of "Hold" and an average target of $19.60, while SOC trades near $4.37 with a 1‑year low of $3.72.

Capital Fund Management S.A. lifted its position in Sable Offshore Corp. (NYSE:SOC - Free Report) by 172.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 329,083 shares of the company's stock after buying an additional 208,359 shares during the quarter. Capital Fund Management S.A. owned approximately 0.37% of Sable Offshore worth $7,233,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. SVB Wealth LLC purchased a new stake in Sable Offshore in the 1st quarter worth approximately $29,000. CWM LLC grew its position in shares of Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company's stock valued at $41,000 after purchasing an additional 1,730 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Sable Offshore in the first quarter worth $48,000. KBC Group NV purchased a new stake in shares of Sable Offshore in the second quarter worth $46,000. Finally, NewEdge Advisors LLC boosted its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after buying an additional 650 shares during the period. Hedge funds and other institutional investors own 26.19% of the company's stock.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of research analyst reports. Benchmark decreased their target price on Sable Offshore from $47.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, November 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a research note on Thursday, October 30th. Jefferies Financial Group cut their price target on shares of Sable Offshore from $38.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, November 11th. Finally, Roth Capital reissued a "buy" rating and issued a $22.00 price target on shares of Sable Offshore in a report on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Sable Offshore has an average rating of "Hold" and an average target price of $19.60.

Sable Offshore Price Performance

NYSE:SOC opened at $4.37 on Monday. The company has a market capitalization of $632.75 million, a price-to-earnings ratio of -1.34 and a beta of 0.51. The business has a 50 day moving average of $12.11 and a 200 day moving average of $21.16. Sable Offshore Corp. has a 1-year low of $3.72 and a 1-year high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). As a group, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the business's stock in a transaction on Wednesday, October 15th. The stock was acquired at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the transaction, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This represents a 9.88% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 36.36% of the stock is owned by corporate insiders.

Sable Offshore Company 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.

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