Nuveen Asset Management LLC Sells 29,179 Shares of Sable Offshore Corp. (NYSE:SOC)

Nuveen Asset Management LLC lessened its holdings in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 11.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 221,409 shares of the company's stock after selling 29,179 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.25% of Sable Offshore worth $5,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Encompass Capital Advisors LLC lifted its position in Sable Offshore by 128.9% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock valued at $32,060,000 after purchasing an additional 788,495 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Sable Offshore by 23.6% in the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock worth $79,832,000 after buying an additional 665,407 shares during the period. Emerald Advisers LLC purchased a new position in shares of Sable Offshore during the 4th quarter valued at about $6,700,000. Harraden Circle Investments LLC bought a new position in shares of Sable Offshore during the 4th quarter valued at approximately $5,038,000. Finally, Bridgewater Associates LP purchased a new stake in Sable Offshore in the 4th quarter worth approximately $4,693,000. Institutional investors own 26.19% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on SOC shares. Roth Mkm started coverage on shares of Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 price target on the stock. Benchmark increased their price target on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. BWS Financial restated a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Capital set a $37.00 target price on Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat, Sable Offshore presently has a consensus rating of "Moderate Buy" and an average price target of $30.33.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. The trade was a 1.40% 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. Corporate insiders own 36.36% of the company's stock.

Sable Offshore Stock Down 4.2%

NYSE SOC traded down $1.02 during trading on Wednesday, hitting $23.02. 2,024,751 shares of the stock traded hands, compared to its average volume of 1,389,184. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore Corp. has a 12-month low of $13.66 and a 12-month high of $35.00. The firm has a 50-day simple moving average of $23.45 and a 200-day simple moving average of $24.07.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The company had revenue of $78.00 million for the quarter, compared to analysts' expectations of $21.00 million. Research analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current year.

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.