Sable Offshore Corp. $SOC Shares Purchased by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its holdings in Sable Offshore Corp. by 69.0% in the first quarter, owning 28,555 shares valued at $724,000.
• Institutional investors now own 26.19% of Sable Offshore's stock, with significant purchases made by firms like CenterBook Partners LP and Encompass Capital Advisors LLC.
• Sable Offshore reported a loss of $1.10 earnings per share for the quarter, missing analysts' expectations, and has a consensus rating of Moderate Buy among investment analysts.

Russell Investments Group Ltd. grew its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 69.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,555 shares of the company's stock after buying an additional 11,662 shares during the quarter. Russell Investments Group Ltd.'s holdings in Sable Offshore were worth $724,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its stake in shares of Sable Offshore by 2.7% during the 4th quarter. Invesco Ltd. now owns 26,030 shares of the company's stock valued at $596,000 after buying an additional 679 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Sable Offshore by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company's stock valued at $658,000 after acquiring an additional 1,000 shares in the last quarter. Townsquare Capital LLC lifted its position in shares of Sable Offshore by 12.3% in the first quarter. Townsquare Capital LLC now owns 11,338 shares of the company's stock valued at $288,000 after acquiring an additional 1,242 shares in the last quarter. US Bancorp DE raised its stake in Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company's stock valued at $83,000 after purchasing an additional 1,258 shares during the period. Finally, MetLife Investment Management LLC lifted its holdings in Sable Offshore by 5.5% in the 4th quarter. MetLife Investment Management LLC now owns 31,240 shares of the company's stock worth $715,000 after purchasing an additional 1,634 shares in the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Benchmark boosted their price objective on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, 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. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business's stock in a transaction on 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 transaction, the insider directly 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 36.36% of the company's stock.

Sable Offshore Trading Down 14.2%

NYSE SOC traded down $3.83 during trading hours on Tuesday, reaching $23.15. The company had a trading volume of 5,275,672 shares, compared to its average volume of 2,116,298. The stock has a 50-day moving average of $26.72 and a 200 day moving average of $25.15. Sable Offshore Corp. has a 1-year low of $16.26 and a 1-year high of $35.00.

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 for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). On average, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current 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.