Sable Offshore Corp. (NYSE:SOC) Stake Lifted by FNY Investment Advisers LLC

FNY Investment Advisers LLC increased its stake in Sable Offshore Corp. (NYSE:SOC - Free Report) by 1,190.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,094 shares of the company's stock after acquiring an additional 13,924 shares during the period. FNY Investment Advisers LLC's holdings in Sable Offshore were worth $382,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Simplicity Wealth LLC bought a new position in shares of Sable Offshore in the first quarter valued at approximately $336,000. Rhumbline Advisers boosted its holdings in Sable Offshore by 8.1% during the first quarter. Rhumbline Advisers now owns 71,815 shares of the company's stock worth $1,822,000 after buying an additional 5,402 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Sable Offshore by 2,920.0% during the first quarter. GAMMA Investing LLC now owns 31,408 shares of the company's stock worth $797,000 after buying an additional 30,368 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Sable Offshore by 29.0% during the fourth quarter. California State Teachers Retirement System now owns 31,856 shares of the company's stock worth $730,000 after buying an additional 7,152 shares in the last quarter. Finally, Toronto Dominion Bank bought a new stake in Sable Offshore during the fourth quarter worth approximately $344,000. 26.19% of the stock is currently owned by institutional investors.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction that occurred 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 sale, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This represents a 1.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 36.36% of the stock is owned by insiders.

Sable Offshore Stock Performance

Shares of NYSE:SOC opened at $22.76 on Monday. 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 52 week low of $13.66 and a 52 week high of $35.00. The firm has a 50 day simple moving average of $23.63 and a 200 day simple moving average of $24.08.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly 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 company had revenue of $78.00 million for the quarter, compared to analyst estimates of $21.00 million. Research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SOC has been the subject of a number of research reports. Roth Mkm initiated coverage on shares of Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 target price for the company. Benchmark raised their target price 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. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, BWS Financial restated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

About Sable Offshore

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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