Encompass Capital Advisors LLC Buys 1,294,954 Shares of Sable Offshore Corp. $SOC

Key Points

• Encompass Capital Advisors LLC significantly increased its stake in Sable Offshore Corp. by purchasing 1,294,954 shares, bringing its total ownership to 2,694,954 shares, which represents 3.01% of Sable Offshore's stock valued at approximately $68.37 million.
• Several other institutional investors also increased their investments in Sable Offshore during the last quarter, with 26.19% of the company's stock now owned by institutional investors.
• Equities analysts have given mixed ratings for Sable Offshore, with one firm setting a target price of $47.00 while another rated the stock as a "sell" with a target of $6.00, indicating a divergence in investor sentiment.

Encompass Capital Advisors LLC boosted its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 92.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,694,954 shares of the company's stock after buying an additional 1,294,954 shares during the period. Sable Offshore makes up approximately 2.6% of Encompass Capital Advisors LLC's investment portfolio, making the stock its 13th largest position. Encompass Capital Advisors LLC owned about 3.01% of Sable Offshore worth $68,371,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SOC. Vanguard Group Inc. grew its position in Sable Offshore by 5.7% in the first quarter. Vanguard Group Inc. now owns 3,685,492 shares of the company's stock valued at $93,501,000 after acquiring an additional 199,366 shares during the last quarter. Driehaus Capital Management LLC grew its position in Sable Offshore by 57.9% in the fourth quarter. Driehaus Capital Management LLC now owns 487,096 shares of the company's stock valued at $11,154,000 after acquiring an additional 178,606 shares during the last quarter. Northern Trust Corp grew its position 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. Invesco Ltd. grew its position in Sable Offshore by 696.9% in the first quarter. Invesco Ltd. now owns 207,442 shares of the company's stock valued at $5,263,000 after acquiring an additional 181,412 shares during the last quarter. Finally, RedJay Asset Management Inc. bought a new position in Sable Offshore in the first quarter valued at about $4,567,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. BWS Financial reiterated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Finally, Benchmark raised their price objective on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $30.00.

Sable Offshore Stock Performance

NYSE:SOC traded down $0.73 on Monday, reaching $22.07. 4,859,763 shares of the stock traded hands, compared to its average volume of 2,183,774. The company's 50 day moving average is $26.77 and its 200-day moving average is $24.94. Sable Offshore Corp. has a 1-year low of $16.26 and a 1-year high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). Research analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore 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 completion of the sale, the insider owned 9,933,394 shares in the company, valued at $218,336,000.12. The trade was a 1.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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.