Two Seas Capital LP Invests $3.63 Million in Sable Offshore Corp. (NYSE:SOC)

Two Seas Capital LP acquired a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 158,518 shares of the company's stock, valued at approximately $3,630,000. Sable Offshore comprises approximately 0.3% of Two Seas Capital LP's investment portfolio, making the stock its 23rd biggest position. Two Seas Capital LP owned 0.18% of Sable Offshore at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of SOC. Invesco Ltd. lifted its stake in Sable Offshore by 2.7% in the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company's stock worth $596,000 after acquiring an additional 679 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Sable Offshore by 3.6% during the fourth 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 last quarter. MetLife Investment Management LLC increased its position in shares of Sable Offshore by 5.5% during the fourth quarter. MetLife Investment Management LLC now owns 31,240 shares of the company's stock worth $715,000 after purchasing an additional 1,634 shares in the last quarter. Summit Securities Group LLC acquired a new position in Sable Offshore during the fourth quarter worth approximately $53,000. Finally, Legal & General Group Plc raised its position in Sable Offshore by 7.2% in the 4th quarter. Legal & General Group Plc now owns 43,284 shares of the company's stock valued at $991,000 after purchasing an additional 2,890 shares during the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the company. Benchmark upped their price objective on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday. Roth Capital set a $30.00 target price on shares of Sable Offshore in a report on Thursday, March 27th. Roth Mkm assumed 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 on the stock. Finally, BWS Financial reaffirmed a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Sable Offshore has a consensus rating of "Moderate Buy" and an average target price of $29.17.

Insider Transactions at Sable Offshore

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 stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the transaction, the insider now directly owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. This represents a 1.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 14.30% of the company's stock.

Sable Offshore Price Performance

NYSE SOC opened at $32.72 on Wednesday. The business has a fifty day moving average of $22.62 and a 200-day moving average of $23.58. Sable Offshore Corp. has a fifty-two week low of $12.73 and a fifty-two week high of $35.00. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Sable Offshore (NYSE:SOC - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate 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. Equities research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

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.

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