Virtu Financial LLC Invests $574,000 in Sable Offshore Corp. (NYSE:SOC)

Key Points

• Virtu Financial LLC has acquired a new stake in Sable Offshore Corp., purchasing 22,628 shares valued at approximately $574,000 in the first quarter of the year.
• Analysts have mixed opinions on the stock, with one rating it a "sell" while six others issued a "buy" rating, leading to an average target price of $30.33.
• Sable Offshore recently reported an EPS of ($1.10), missing the consensus estimate and indicating challenges in profitability amid fluctuating market conditions.

Virtu Financial LLC bought a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 22,628 shares of the company's stock, valued at approximately $574,000.

Several other hedge funds have also made changes to their positions in SOC. US Bancorp DE increased its stake 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 purchasing an additional 1,258 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Sable Offshore by 3,686.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,430 shares of the company's stock worth $112,000 after purchasing an additional 4,313 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Sable Offshore by 917.0% during the 4th 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 in the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Sable Offshore during the 4th quarter valued at about $213,000. Finally, Townsquare Capital LLC bought a new position in Sable Offshore during the 4th quarter valued at about $231,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

Sable Offshore Stock Down 7.3%

NYSE SOC traded down $2.16 during trading on Friday, hitting $27.62. 2,180,761 shares of the company's stock were exchanged, compared to its average volume of 2,699,926. The stock's 50 day moving average price is $25.59 and its two-hundred day moving average price is $24.94. Sable Offshore Corp. has a fifty-two week low of $14.63 and a fifty-two week high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its 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). As a group, analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SOC has been the subject of a number of research analyst reports. BWS Financial reaffirmed a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the company a "buy" rating in a report on Friday, May 23rd. Benchmark upped their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, Sable Offshore has a consensus rating of "Moderate Buy" and an average target price of $30.33.

Insider Activity

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their position. The sale was disclosed in a legal filing 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.