Two Seas Capital LP Invests $9.71 Million in Sable Offshore Corp. $SOC

Key Points

• In the 2nd quarter Two Seas Capital LP bought 441,677 shares of Sable Offshore (NYSE:SOC) valued at about $9.71 million, making it the fund's 24th-largest holding and representing roughly 0.49% ownership of the company per the SEC filing.
• Major shareholder Global Icav Pilgrim purchased 982,645 shares at an average of $15.04 (≈$14.78 million), raising its stake to 10,933,394 shares and bringing insider ownership to about 36.36%.
• Sable Offshore has a market cap of about $753 million, reported a recent quarterly EPS miss and consensus negative EPS for the year, and carries a mixed analyst profile (five Buys, two Sells) with a consensus price target of $19.60.

Two Seas Capital LP purchased a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 441,677 shares of the company's stock, valued at approximately $9,708,000. Sable Offshore accounts for approximately 0.2% of Two Seas Capital LP's holdings, making the stock its 24th largest holding. Two Seas Capital LP owned approximately 0.49% of Sable Offshore as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in SOC. NewEdge Advisors LLC lifted its position in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after acquiring an additional 650 shares during the period. SVB Wealth LLC bought a new position in shares of Sable Offshore in the 1st quarter valued at $29,000. Townsquare Capital LLC raised its holdings in shares of Sable Offshore by 12.3% during the 1st quarter. Townsquare Capital LLC now owns 11,338 shares of the company's stock worth $288,000 after buying an additional 1,242 shares in the last quarter. US Bancorp DE lifted 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 worth $83,000 after buying an additional 1,258 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock valued at $761,000 after buying an additional 1,271 shares in the last quarter. Institutional investors own 26.19% of the company's stock.

Sable Offshore Price Performance

Shares of SOC opened at $5.20 on Thursday. Sable Offshore Corp. has a one year low of $3.72 and a one year high of $35.00. The company has a market cap of $753.07 million, a PE ratio of -1.59 and a beta of 0.51. The stock has a 50-day moving average of $11.00 and a 200-day moving average of $20.72.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.21). Analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on SOC. Roth Capital reissued a "buy" rating on shares of Sable Offshore in a report on Monday. Benchmark decreased their price target on shares of Sable Offshore from $47.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, November 4th. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research report on Thursday, October 30th. Finally, Jefferies Financial Group lowered their target price on shares of Sable Offshore from $38.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $19.60.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim bought 982,645 shares of the business's stock in a transaction that occurred on Wednesday, October 15th. The shares were bought at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the acquisition, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.36% of the stock is owned by insiders.

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.

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