Swiss National Bank Boosts Stake in Sable Offshore Corp. $SOC

Key Points

• The Swiss National Bank increased its stake in Sable Offshore Corp. by 34.4% during the first quarter, bringing its total to 86,300 shares valued at $2,189,000.
• Major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore for approximately $3.67 million, reducing their ownership by 1.66%.
• Analysts have varying ratings on Sable Offshore, with six analysts rating it as a "Buy" and one as a "Sell", indicating a consensus target price of $30.33.

Swiss National Bank grew its position in Sable Offshore Corp. (NYSE:SOC - Free Report) by 34.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,300 shares of the company's stock after acquiring an additional 22,100 shares during the quarter. Swiss National Bank owned 0.10% of Sable Offshore worth $2,189,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. lifted its holdings in shares of Sable Offshore by 2.7% in the 4th quarter. Invesco Ltd. now owns 26,030 shares of the company's stock valued at $596,000 after acquiring an additional 679 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sable Offshore by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company's stock worth $658,000 after purchasing an additional 1,000 shares during the period. US Bancorp DE increased its position in shares of 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 last quarter. MetLife Investment Management LLC raised its holdings in Sable Offshore by 5.5% during the 4th quarter. MetLife Investment Management LLC now owns 31,240 shares of the company's stock valued at $715,000 after buying an additional 1,634 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Sable Offshore by 15.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,419 shares of the company's stock worth $417,000 after buying an additional 2,200 shares during the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the sale, the insider directly owned 9,933,394 shares in the company, valued at $218,336,000.12. This trade represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 36.36% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. BWS Financial reaffirmed 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 upped their target price on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Finally, Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Sable Offshore currently has an average rating of "Moderate Buy" and an average target price of $30.33.

Sable Offshore Price Performance

Shares of SOC stock traded down $0.50 during mid-day trading on Wednesday, hitting $27.90. The stock had a trading volume of 886,128 shares, compared to its average volume of 2,099,230. Sable Offshore Corp. has a 12-month low of $15.65 and a 12-month high of $35.00. The firm's 50-day moving average is $26.28 and its two-hundred day moving average is $25.14.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). On average, analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

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.