Capital Fund Management S.A. Grows Stock Position in Sable Offshore Corp. $SOC

Key Points

• Capital Fund Management S.A. increased its stake in Sable Offshore Corp. by 19.1%, owning approximately 120,724 shares valued at $3,063,000 as of the latest reporting period.
• Sable Offshore Corp. recently reported a quarterly loss of ($1.10) EPS, falling short of the expected ($0.66) EPS, with analysts predicting an average annual loss of -6.39 EPS.
• Analysts have varying ratings for SOC, with a consensus of "Moderate Buy" and an average target price of $30.33, while one firm set a target of $6.00.

Capital Fund Management S.A. increased its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 19.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 120,724 shares of the company's stock after purchasing an additional 19,382 shares during the period. Capital Fund Management S.A. owned approximately 0.14% of Sable Offshore worth $3,063,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. CenterBook Partners LP bought a new position in shares of Sable Offshore in the 1st quarter valued at $1,499,000. Toronto Dominion Bank bought a new stake in Sable Offshore during the 4th quarter worth $344,000. FNY Investment Advisers LLC grew its position in Sable Offshore by 1,190.1% during the 1st quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock worth $382,000 after acquiring an additional 13,924 shares during the last quarter. Encompass Capital Advisors LLC grew its position in Sable Offshore by 128.9% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock worth $32,060,000 after acquiring an additional 788,495 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in Sable Offshore by 29.0% during the 4th quarter. California State Teachers Retirement System now owns 31,856 shares of the company's stock worth $730,000 after acquiring an additional 7,152 shares during the last quarter. Institutional investors own 26.19% of the company's stock.

Sable Offshore Price Performance

Shares of Sable Offshore stock traded down $1.14 during trading hours on Friday, reaching $26.91. The company had a trading volume of 1,606,508 shares, compared to its average volume of 1,745,306. Sable Offshore Corp. has a one year low of $15.65 and a one year high of $35.00. The business has a fifty day simple moving average of $26.61 and a 200 day simple moving average of $25.21.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.44). As a group, equities research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the completion of the sale, the insider owned 9,933,394 shares of the company's stock, valued at $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 36.36% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on SOC shares. Benchmark lifted their target price on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. BWS Financial reaffirmed a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a report on Tuesday, May 13th. Roth Capital set a $37.00 target price on Sable Offshore and gave the company a "buy" rating in a research report on Friday, May 23rd. Finally, Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Sable Offshore has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

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.