RedJay Asset Management Inc. Takes Position in Sable Offshore Corp. (NYSE:SOC)

RedJay Asset Management Inc. acquired a new stake in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 180,000 shares of the company's stock, valued at approximately $4,567,000. Sable Offshore comprises about 2.5% of RedJay Asset Management Inc.'s portfolio, making the stock its 11th largest position. RedJay Asset Management Inc. owned 0.20% of Sable Offshore as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Sable Offshore by 23.6% during the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock valued at $79,832,000 after purchasing an additional 665,407 shares during the period. Encompass Capital Advisors LLC raised 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 acquiring an additional 788,495 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Sable Offshore by 16.9% in the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock valued at $28,155,000 after purchasing an additional 177,971 shares in the last quarter. Greenhaven Road Investment Management L.P. lifted its holdings in shares of Sable Offshore by 24.3% during the 4th quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company's stock worth $14,275,000 after acquiring an additional 121,751 shares during the period. Finally, GM Advisory Group LLC lifted its stake in Sable Offshore by 17.6% during the fourth quarter. GM Advisory Group LLC now owns 600,000 shares of the company's stock worth $13,740,000 after purchasing an additional 90,000 shares during the period. Institutional investors own 26.19% of the company's stock.

Analyst Upgrades and Downgrades

SOC has been the topic of several research analyst reports. BWS Financial reaffirmed a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a research note on Tuesday, May 13th. Roth Mkm began coverage on Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 target price for the company. Benchmark lifted their price objective on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Roth Capital set a $37.00 price objective on Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Sable Offshore currently has an average rating of "Moderate Buy" and a consensus target price of $30.33.

Sable Offshore Price Performance

NYSE:SOC traded down $0.48 during mid-day trading on Tuesday, hitting $21.50. The stock had a trading volume of 3,740,521 shares, compared to its average volume of 1,508,069. The company's 50 day simple moving average is $24.37 and its 200 day simple moving average is $24.18. The company has a current ratio of 1.67, a quick ratio of 1.57 and a debt-to-equity ratio of 3.04. Sable Offshore Corp. has a twelve month low of $13.66 and a twelve 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 firm had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. As a group, equities analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the transaction, the insider owned 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 36.36% of the stock is owned by company insiders.

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.