Simplicity Wealth LLC Purchases New Shares in Sable Offshore Corp. (NYSE:SOC)

Simplicity Wealth LLC purchased a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,244 shares of the company's stock, valued at approximately $336,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new position in shares of Sable Offshore during the fourth quarter worth approximately $53,000. IFP Advisors Inc bought a new stake in shares of Sable Offshore during the fourth quarter worth approximately $81,000. KLP Kapitalforvaltning AS bought a new stake in shares of Sable Offshore during the fourth quarter worth approximately $144,000. Tower Research Capital LLC TRC raised its stake 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 worth $148,000 after buying an additional 5,814 shares during the last quarter. Finally, Mission Wealth Management LP bought a new stake in shares of Sable Offshore during the fourth quarter worth approximately $201,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SOC has been the subject of a number of recent research reports. Roth Mkm initiated coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They set a "buy" rating and a $30.00 price target for the company. BWS Financial reissued a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, May 13th. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. Benchmark boosted their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company'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 value of $3,648,358.22. Following the completion of the transaction, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 36.36% of the company's stock.

Sable Offshore Stock Performance

Shares of Sable Offshore stock traded down $0.20 on Friday, hitting $22.76. The company had a trading volume of 1,504,360 shares, compared to its average volume of 1,456,836. Sable Offshore Corp. has a twelve month low of $13.66 and a twelve month high of $35.00. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The stock has a 50-day moving average of $23.63 and a 200-day moving average of $24.08.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million for the quarter, compared to analysts' expectations of $21.00 million. On average, equities research analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

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.