Penn Capital Management Company LLC Acquires Shares of 17,499 Sable Offshore Corp. $SOC

Key Points

• Penn Capital Management Company LLC acquired 17,499 shares of Sable Offshore Corp. in Q1, valuing the stake at approximately $444,000.
• Analysts maintain a generally positive outlook with six 'buy' ratings and a consensus target price of $30.33 for the stock.
• A major shareholder, Global Icav Pilgrim, sold 167,175 shares at an average price of $21.98 on July 18, resulting in a significant transaction amount of $3,674,506.50.

Penn Capital Management Company LLC acquired a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 17,499 shares of the company's stock, valued at approximately $444,000.

Other institutional investors have also recently bought and sold shares of the company. CenterBook Partners LP bought a new stake in Sable Offshore in the 1st quarter valued at about $1,499,000. Toronto Dominion Bank bought a new stake in Sable Offshore in the 4th quarter valued at about $344,000. FNY Investment Advisers LLC boosted its holdings in Sable Offshore by 1,190.1% in the 1st quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock valued at $382,000 after purchasing an additional 13,924 shares during the period. Encompass Capital Advisors LLC boosted its holdings in Sable Offshore by 128.9% in the 4th 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 during the period. Finally, California State Teachers Retirement System boosted its holdings in Sable Offshore by 29.0% in the 4th quarter. California State Teachers Retirement System now owns 31,856 shares of the company's stock valued at $730,000 after purchasing an additional 7,152 shares during the period. Institutional investors own 26.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the company a "buy" rating in a report on Friday, May 23rd. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Benchmark upped their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. Finally, BWS Financial reaffirmed a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a report on Tuesday, May 13th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $30.33.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $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 is available through this hyperlink. 36.36% of the stock is currently owned by corporate insiders.

Sable Offshore Trading Up 5.8%

SOC stock opened at $28.7650 on Friday. The company has a 50 day simple moving average of $26.07 and a 200 day simple moving average of $25.05. Sable Offshore Corp. has a 1 year low of $15.13 and a 1 year high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings data 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). Research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Sable Offshore 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.

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