Toronto Dominion Bank Invests $344,000 in Sable Offshore Corp. (NYSE:SOC)

Toronto Dominion Bank acquired a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 15,000 shares of the company's stock, valued at approximately $344,000.

Several other hedge funds also recently modified their holdings of SOC. Vanguard Group Inc. increased its position in shares of Sable Offshore by 23.6% during the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock worth $79,832,000 after purchasing an additional 665,407 shares during the last quarter. Encompass Capital Advisors LLC raised its position in Sable Offshore by 128.9% during the fourth 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 in the last quarter. Geode Capital Management LLC raised its position in Sable Offshore by 16.9% during the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock worth $28,155,000 after acquiring an additional 177,971 shares in the last quarter. Greenhaven Road Investment Management L.P. lifted its stake in Sable Offshore by 24.3% in the fourth quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company's stock valued at $14,275,000 after acquiring an additional 121,751 shares during the last quarter. Finally, GM Advisory Group LLC grew its position in shares of Sable Offshore by 17.6% in the 4th quarter. GM Advisory Group LLC now owns 600,000 shares of the company's stock valued at $13,740,000 after acquiring an additional 90,000 shares during the period. Institutional investors own 26.19% of the company's stock.

Wall Street Analyst Weigh In

SOC has been the subject of several research reports. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Roth Mkm began coverage on Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 target price for the company. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research report 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. Finally, Benchmark increased their price target on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company. Based on data from MarketBeat, Sable Offshore currently has a consensus rating of "Moderate Buy" and an average price target of $30.33.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the completion of the sale, the insider now directly owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. The trade was a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 36.36% of the stock is owned by company insiders.

Sable Offshore Price Performance

NYSE:SOC traded down $5.15 during trading hours on Tuesday, hitting $24.03. The company's stock had a trading volume of 7,374,429 shares, compared to its average volume of 1,382,189. Sable Offshore Corp. has a twelve month low of $13.66 and a twelve month high of $35.00. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. The stock has a fifty day simple moving average of $23.50 and a 200-day simple moving average of $24.07.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. As a group, equities analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current 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.