Interval Partners LP bought a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 26,879 shares of the company's stock, valued at approximately $682,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SVB Wealth LLC bought a new position in Sable Offshore during the first quarter worth about $29,000. Quantbot Technologies LP acquired a new stake in shares of Sable Offshore in the first quarter valued at approximately $48,000. US Bancorp DE increased its holdings in shares of Sable Offshore by 62.2% in the first quarter. US Bancorp DE now owns 3,281 shares of the company's stock valued at $83,000 after purchasing an additional 1,258 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Sable Offshore by 3,686.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,430 shares of the company's stock valued at $112,000 after acquiring an additional 4,313 shares during the last quarter. Finally, Fifth Lane Capital LP acquired a new position in shares of Sable Offshore in the 1st quarter valued at $216,000. Institutional investors own 26.19% of the company's stock.
Insider Activity
In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the company's stock in a transaction dated 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 sale, the insider directly owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. This represents a 1.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 36.36% of the company's stock.
Wall Street Analysts Forecast Growth
SOC has been the topic of a number of analyst reports. Roth Capital set a $37.00 price target on Sable Offshore and gave the company a "buy" rating in a research note on Friday, May 23rd. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. Finally, Benchmark increased their price target on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Six equities research analysts have rated the stock with a Buy rating and one has assigned 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.
Check Out Our Latest Report on Sable Offshore
Sable Offshore Price Performance
NYSE SOC traded down $0.90 on Thursday, reaching $23.69. The company had a trading volume of 1,926,347 shares, compared to its average volume of 2,295,527. The company's fifty day moving average is $26.78 and its 200-day moving average is $24.86. 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 issued its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.
About Sable Offshore
(
Free Report)
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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