Northern Trust Corp Has $10.77 Million Position in Sable Offshore Corp. (NYSE:SOC)

Northern Trust Corp raised its stake in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 7.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 470,112 shares of the company's stock after purchasing an additional 30,720 shares during the quarter. Northern Trust Corp owned 0.53% of Sable Offshore worth $10,766,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Summit Securities Group LLC bought a new position in shares of Sable Offshore during the 4th quarter worth about $53,000. IFP Advisors Inc bought a new stake in Sable Offshore in the fourth quarter valued at about $81,000. KLP Kapitalforvaltning AS bought a new stake in Sable Offshore in the fourth quarter valued at about $144,000. Tower Research Capital LLC TRC increased its stake in Sable Offshore by 917.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,448 shares of the company's stock valued at $148,000 after acquiring an additional 5,814 shares during the period. Finally, Mission Wealth Management LP bought a new stake in Sable Offshore in the fourth quarter valued at about $201,000. Institutional investors own 26.19% of the company's stock.

Insider Transactions at Sable Offshore

In other 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 shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the transaction, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 36.36% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on SOC. Roth Capital set a $30.00 target price on shares of Sable Offshore in a research note on Thursday, March 27th. Roth Mkm began coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price on the stock. BWS Financial reissued a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Finally, Benchmark upped their target price on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $29.17.

Sable Offshore Trading Down 0.8%

Sable Offshore stock traded down $0.25 during trading hours on Friday, hitting $32.04. 2,925,583 shares of the stock were exchanged, compared to its average volume of 1,293,686. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore Corp. has a 12 month low of $13.62 and a 12 month high of $35.00. The business's 50-day moving average is $23.03 and its two-hundred day moving average is $23.77.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The business had revenue of $78.00 million for the quarter, compared to analysts' expectations of $21.00 million. On average, sell-side analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

About Sable Offshore

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.