Encompass Capital Advisors LLC Boosts Stock Holdings in Sable Offshore Corp. (NYSE:SOC)

Encompass Capital Advisors LLC lifted its stake in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 128.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,400,000 shares of the company's stock after buying an additional 788,495 shares during the quarter. Encompass Capital Advisors LLC owned about 1.57% of Sable Offshore worth $32,060,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Ensign Peak Advisors Inc acquired a new stake in shares of Sable Offshore during the 4th quarter worth approximately $717,000. Deutsche Bank AG grew its position in Sable Offshore by 52.0% in the 4th quarter. Deutsche Bank AG now owns 45,241 shares of the company's stock valued at $1,036,000 after purchasing an additional 15,481 shares during the period. Driehaus Capital Management LLC grew its position in Sable Offshore by 57.9% in the 4th quarter. Driehaus Capital Management LLC now owns 487,096 shares of the company's stock valued at $11,154,000 after purchasing an additional 178,606 shares during the period. Ameriprise Financial Inc. acquired a new stake in Sable Offshore in the 4th quarter valued at $213,000. Finally, Aptus Capital Advisors LLC acquired a new stake in Sable Offshore in the 4th quarter valued at $963,000. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Trading Up 2.2%

SOC stock traded up $0.62 during mid-day trading on Wednesday, hitting $28.68. The company had a trading volume of 968,058 shares, compared to its average volume of 1,533,251. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore Corp. has a 12 month low of $11.76 and a 12 month high of $32.33. The stock's fifty day moving average price is $21.95 and its two-hundred day moving average price is $23.29.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $21.00 million. Equities analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 14.30% of the company's stock.

Analysts Set New Price Targets

SOC has been the subject of several research reports. Benchmark reissued a "buy" rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Capital set a $30.00 price objective on Sable Offshore in a research note on Thursday, March 27th. Roth Mkm assumed coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price for the company. Finally, BWS Financial reissued a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a research report on Tuesday. 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. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $27.50.

About Sable Offshore

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.