Invesco Ltd. Boosts Stock Position in Sable Offshore Corp. $SOC

Key Points

• Invesco Ltd. has significantly increased its stake in Sable Offshore Corp. by 696.9%, acquiring a total of 207,442 shares valued at approximately $5.26 million as of the latest SEC filing.
• Several institutional investors have also increased their positions in Sable Offshore, with 26.19% of the stock currently owned by these entities.
• Analysts maintain a consensus rating of "Moderate Buy" for Sable Offshore, with price targets ranging significantly from $6.00 to $47.00.

Invesco Ltd. lifted its holdings in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 696.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 207,442 shares of the company's stock after purchasing an additional 181,412 shares during the quarter. Invesco Ltd. owned 0.23% of Sable Offshore worth $5,263,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SOC. Wells Fargo & Company MN increased its holdings in shares of Sable Offshore by 123.4% during the fourth quarter. Wells Fargo & Company MN now owns 34,721 shares of the company's stock worth $795,000 after purchasing an additional 19,178 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Sable Offshore during the 4th quarter worth approximately $1,177,000. Barclays PLC boosted its position in shares of Sable Offshore by 11.9% during the 4th quarter. Barclays PLC now owns 86,835 shares of the company's stock worth $1,988,000 after acquiring an additional 9,252 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Sable Offshore by 5.5% during the 4th quarter. MetLife Investment Management LLC now owns 31,240 shares of the company's stock worth $715,000 after acquiring an additional 1,634 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Sable Offshore by 917.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,448 shares of the company's stock worth $148,000 after acquiring an additional 5,814 shares in the last quarter. 26.19% of the stock is owned by institutional investors.

Sable Offshore Stock Performance

Shares of SOC stock traded down $3.83 during trading on Tuesday, reaching $23.15. 5,275,672 shares of the company's stock traded hands, compared to its average volume of 1,586,294. Sable Offshore Corp. has a 1 year low of $16.26 and a 1 year high of $35.00. The firm's 50-day moving average is $26.75 and its 200 day moving average is $25.14.

Sable Offshore (NYSE:SOC - Get Free Report) last released its 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). On average, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on SOC. BWS Financial reiterated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the company a "buy" rating in a research report on Friday, May 23rd. Benchmark raised their target price on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Sable Offshore presently has an average rating of "Moderate Buy" and an average price target of $30.33.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the completion of the transaction, the insider directly owned 9,933,394 shares of the company's stock, valued at $218,336,000.12. This trade represents a 1.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 36.36% of the company's stock.

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.