Raymond James Financial Inc. Takes $1.18 Million Position in Sable Offshore Corp. (NYSE:SOC)

Raymond James Financial Inc. purchased a new position in Sable Offshore Corp. (NYSE:SOC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 51,405 shares of the company's stock, valued at approximately $1,177,000. Raymond James Financial Inc. owned approximately 0.06% of Sable Offshore at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SOC. Summit Securities Group LLC acquired a new position in Sable Offshore in the fourth quarter worth approximately $53,000. IFP Advisors Inc bought a new position in Sable Offshore during the fourth quarter valued at about $81,000. ORG Wealth Partners LLC acquired a new stake in shares of Sable Offshore in the fourth quarter worth about $106,000. Salem Investment Counselors Inc. boosted its stake in shares of Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock worth $114,000 after acquiring an additional 2,250 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Sable Offshore during the 4th quarter valued at about $144,000. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Trading Up 9.7 %

Sable Offshore stock traded up $2.03 during trading hours on Friday, hitting $23.00. The stock had a trading volume of 1,975,575 shares, compared to its average volume of 1,161,291. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. Sable Offshore Corp. has a fifty-two week low of $11.01 and a fifty-two week high of $32.33. The company has a 50-day moving average of $21.79 and a two-hundred day moving average of $23.20.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Roth Capital set a $30.00 price target on Sable Offshore in a report on Thursday, March 27th. Benchmark reiterated a "buy" rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Mkm started coverage on Sable Offshore in a report on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price on the stock. Finally, BWS Financial reiterated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Sable Offshore presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.50.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm'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 transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 14.30% of the stock is owned by company 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.