Two Seas Capital LP Purchases Shares of 158,518 Sable Offshore Corp. (NYSE:SOC)

Two Seas Capital LP bought a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 158,518 shares of the company's stock, valued at approximately $3,630,000. Sable Offshore makes up about 0.3% of Two Seas Capital LP's investment portfolio, making the stock its 23rd largest holding. Two Seas Capital LP owned 0.18% of Sable Offshore at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SOC. Summit Securities Group LLC purchased a new stake in shares of Sable Offshore during the 4th quarter worth approximately $53,000. IFP Advisors Inc purchased a new position in shares of Sable Offshore in the 4th quarter valued at $81,000. KLP Kapitalforvaltning AS acquired a new stake in Sable Offshore during the 4th quarter worth $144,000. Tower Research Capital LLC TRC lifted its position in Sable Offshore by 917.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,448 shares of the company's stock valued at $148,000 after acquiring an additional 5,814 shares during the last quarter. Finally, Mission Wealth Management LP acquired a new position in Sable Offshore in the fourth quarter valued at $201,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

Sable Offshore Stock Down 0.8%

Sable Offshore stock traded down $0.25 during mid-day trading on Monday, reaching $32.04. 2,925,583 shares of the company were exchanged, compared to its average volume of 1,296,898. The firm's 50-day simple moving average is $23.03 and its two-hundred day simple moving average is $23.77. 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.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results 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 analysts' expectations of $21.00 million. Research analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the sale, the insider now owns 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 36.36% of the company's stock.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of research analyst reports. Roth Capital set a $37.00 target price on Sable Offshore in a research report on Friday. Benchmark lifted 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. 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, Roth Mkm began coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $30.33.

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.