Sable Offshore Corp. (NYSE:SOC) Shares Sold by Two Sigma Investments LP

Two Sigma Investments LP cut its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 28.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 221,829 shares of the company's stock after selling 86,686 shares during the period. Two Sigma Investments LP owned approximately 0.25% of Sable Offshore worth $5,080,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Summit Securities Group LLC acquired a new stake in shares of Sable Offshore during the fourth quarter valued at about $53,000. IFP Advisors Inc acquired a new stake in shares of Sable Offshore during the fourth quarter valued at about $81,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Sable Offshore during the fourth quarter valued at about $144,000. Tower Research Capital LLC TRC increased its position in shares of Sable Offshore by 917.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,448 shares of the company's stock valued at $148,000 after acquiring an additional 5,814 shares during the last quarter. Finally, Mission Wealth Management LP acquired a new stake in shares of Sable Offshore during the fourth quarter valued at about $201,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business's stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the completion of the sale, the insider now owns 10,100,569 shares in the company, valued at approximately $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 can be accessed through this link. Insiders own 36.36% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on SOC. 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. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research report on Monday. Benchmark lifted their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Roth Mkm initiated coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price target for the company. Finally, 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. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

Sable Offshore Stock Performance

Shares of SOC stock traded up $1.36 during trading on Friday, reaching $28.87. The company's stock had a trading volume of 2,988,951 shares, compared to its average volume of 1,355,613. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The stock's 50-day moving average price is $23.44 and its 200 day moving average price is $23.99. Sable Offshore Corp. has a 1-year low of $13.66 and a 1-year high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The company had revenue of $78.00 million for the quarter, compared to the consensus estimate of $21.00 million. On average, equities analysts anticipate 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.