Nuveen LLC Makes New Investment in Sable Offshore Corp. $SOC

Key Points

• Nuveen LLC has acquired a new position in Sable Offshore Corp., purchasing 145,402 shares valued at approximately $3.69 million, representing 0.16% of the company's stock.
• Insider trading activity includes Global Icav Pilgrim selling 167,175 shares for about $3.67 million, resulting in a decrease of their ownership stake to approximately 9.93 million shares.
• Equities analysts have mixed sentiments on Sable Offshore, with six analysts issuing a "buy" rating and one a "sell" rating, resulting in an average price target of $30.33 for the stock.

Nuveen LLC purchased a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 145,402 shares of the company's stock, valued at approximately $3,689,000. Nuveen LLC owned about 0.16% of Sable Offshore as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SOC. US Bancorp DE raised 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 buying an additional 1,258 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Sable Offshore by 3,686.3% in the first quarter. PNC Financial Services Group Inc. now owns 4,430 shares of the company's stock valued at $112,000 after buying an additional 4,313 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of 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 buying an additional 5,814 shares during the last quarter. Ameriprise Financial Inc. bought a new position in shares of Sable Offshore in the fourth quarter valued at about $213,000. Finally, Ionic Capital Management LLC bought a new position in shares of Sable Offshore in the fourth quarter valued at about $238,000. 26.19% of the stock is owned by institutional investors.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 36.36% of the company's stock.

Sable Offshore Stock Performance

Shares of SOC stock traded down $3.83 on Tuesday, reaching $23.15. The company had a trading volume of 5,275,672 shares, compared to its average volume of 1,586,294. The company has a 50-day moving average of $26.75 and a 200-day moving average of $25.14. Sable Offshore Corp. has a 12 month low of $16.26 and a 12 month high of $35.00.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on SOC shares. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. 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 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, Benchmark lifted their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.33.

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.