Philadelphia Financial Management of San Francisco LLC Takes $6.63 Million Position in Sable Offshore Corp. $SOC

Key Points

• Philadelphia Financial Management of San Francisco LLC has acquired a new stake in Sable Offshore Corp., purchasing 261,212 shares valued at approximately $6.63 million, representing about 0.29% of the company.
• Major shareholder Global Icav Pilgrim sold 167,175 shares at an average price of $21.98, resulting in a decrease of 1.66% in their ownership, now holding a total of approximately 9.93 million shares.
• Sable Offshore Corp. recently reported an earnings per share (EPS) of (-$1.10), missing analysts' expectations, while analysts currently have a consensus rating of "Moderate Buy" with an average price target of $30.00.

Philadelphia Financial Management of San Francisco LLC bought a new position in Sable Offshore Corp. (NYSE:SOC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 261,212 shares of the company's stock, valued at approximately $6,627,000. Philadelphia Financial Management of San Francisco LLC owned 0.29% of Sable Offshore at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. SVB Wealth LLC purchased a new position in shares of Sable Offshore during the 1st quarter worth $29,000. Quantbot Technologies LP purchased a new position in shares of Sable Offshore during the 1st quarter worth $48,000. NewEdge Advisors LLC boosted its stake in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after acquiring an additional 650 shares during the last quarter. US Bancorp DE boosted its stake in shares of Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company's stock worth $83,000 after acquiring an additional 1,258 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Sable Offshore by 3,686.3% during the 1st 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 in the last quarter. Institutional investors own 26.19% of the company's stock.

Sable Offshore Trading Down 6.2%

Shares of NYSE SOC traded down $1.53 during midday trading on Thursday, hitting $23.06. The company's stock had a trading volume of 2,333,079 shares, compared to its average volume of 2,298,472. The business's 50 day moving average is $26.78 and its two-hundred day moving average is $24.86. 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 issued its earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). On average, sell-side analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the 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 transaction, the insider directly owned 9,933,394 shares in the company, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 36.36% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SOC shares. Benchmark lifted 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, May 20th. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $30.00.

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.