Rafferty Asset Management LLC Has $2.74 Million Holdings in Sable Offshore Corp. (NYSE:SOC)

Rafferty Asset Management LLC increased its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 377.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 119,765 shares of the company's stock after buying an additional 94,684 shares during the quarter. Rafferty Asset Management LLC owned 0.13% of Sable Offshore worth $2,743,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SOC. Summit Securities Group LLC bought a new position in Sable Offshore during the fourth quarter worth about $53,000. IFP Advisors Inc bought a new position in Sable Offshore during the fourth quarter worth about $81,000. KLP Kapitalforvaltning AS bought a new position in Sable Offshore during the fourth quarter worth about $144,000. Tower Research Capital LLC TRC lifted its stake in Sable Offshore by 917.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,448 shares of the company's stock worth $148,000 after purchasing an additional 5,814 shares during the period. Finally, Mission Wealth Management LP bought a new position in Sable Offshore during the fourth quarter worth about $201,000. Institutional investors own 26.19% of the company's stock.

Sable Offshore Price Performance

SOC stock traded down $0.25 during trading on Friday, hitting $32.04. The company had a trading volume of 2,925,583 shares, compared to its average volume of 1,296,898. The firm has a 50-day moving average price of $23.03 and a 200-day moving average price of $23.77. 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.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($1.05) EPS 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 the consensus estimate of $21.00 million. As a group, equities analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business's stock in a transaction on Thursday, April 17th. The shares were 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 of the company's stock, valued at $256,251,435.53. The trade was a 1.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 36.36% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SOC shares. Benchmark raised their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Roth Capital set a $30.00 price target on shares of Sable Offshore in a research note on Thursday, March 27th. BWS Financial reiterated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Finally, Roth Mkm started 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 for the company. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $29.17.

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.