Rafferty Asset Management LLC Trims Stake in Sable Offshore Corp. $SOC

Key Points

• Rafferty Asset Management LLC reduced its stake in Sable Offshore Corp. by 15.6%, holding 101,037 shares worth approximately $2.56 million as of the latest SEC filing.
• Analysts have given a mixed outlook on Sable Offshore, with targets ranging from a low of $6.00 to a high of $47.00, resulting in a consensus rating of "Moderate Buy" and a target price of $30.33.
• A major shareholder, Global Icav Pilgrim, sold 167,175 shares for over $3.67 million, reducing their ownership stake to approximately 9.93 million shares valued at $218.34 million.

Rafferty Asset Management LLC reduced its stake in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 15.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 101,037 shares of the company's stock after selling 18,728 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.11% of Sable Offshore worth $2,563,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Sable Offshore by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 3,685,492 shares of the company's stock worth $93,501,000 after purchasing an additional 199,366 shares during the last quarter. Encompass Capital Advisors LLC lifted its stake in shares of 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 purchasing an additional 788,495 shares during the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Sable Offshore by 57.9% during the 4th quarter. Driehaus Capital Management LLC now owns 487,096 shares of the company's stock worth $11,154,000 after purchasing an additional 178,606 shares during the last quarter. Northern Trust Corp increased its position in Sable Offshore by 7.0% during the 4th quarter. Northern Trust Corp now owns 470,112 shares of the company's stock valued at $10,766,000 after buying an additional 30,720 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Sable Offshore by 696.9% in the first quarter. Invesco Ltd. now owns 207,442 shares of the company's stock valued at $5,263,000 after buying an additional 181,412 shares during the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction that occurred 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 transaction, the insider owned 9,933,394 shares in the company, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 36.36% of the company's stock.

Sable Offshore Stock Down 14.2%

Sable Offshore stock traded down $3.83 during midday trading on Tuesday, hitting $23.15. 5,275,672 shares of the company were exchanged, compared to its average volume of 2,116,298. Sable Offshore Corp. has a fifty-two week low of $16.26 and a fifty-two week high of $35.00. The business has a fifty day simple moving average of $26.72 and a two-hundred day simple moving average of $25.15.

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

Analysts Set New Price Targets

SOC has been the subject of a number of research analyst reports. Roth Capital set a $37.00 price target on Sable Offshore and gave the company a "buy" rating in a research note on Friday, May 23rd. BWS Financial reissued a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, May 13th. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Finally, Benchmark increased 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. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $30.33.

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.