Saba Capital Management L.P. Has $6.67 Million Holdings in Sable Offshore Corp. (NYSE:SOC)

Saba Capital Management L.P. reduced its holdings in Sable Offshore Corp. (NYSE:SOC - Free Report) by 16.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 291,402 shares of the company's stock after selling 58,598 shares during the period. Saba Capital Management L.P. owned about 0.33% of Sable Offshore worth $6,673,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC raised its position in shares of Sable Offshore by 128.9% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock worth $32,060,000 after purchasing an additional 788,495 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Sable Offshore by 23.6% in the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock valued at $79,832,000 after purchasing an additional 665,407 shares during the last quarter. Emerald Advisers LLC acquired a new stake in shares of Sable Offshore during the 4th quarter worth approximately $6,700,000. Harraden Circle Investments LLC purchased a new stake in Sable Offshore in the fourth quarter valued at $5,038,000. Finally, Bridgewater Associates LP purchased a new stake in Sable Offshore in the 4th quarter valued at about $4,693,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SOC has been the topic of several research analyst reports. Benchmark boosted their price objective on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday. Roth Mkm assumed coverage on Sable Offshore in a report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price target for the company. BWS Financial reissued a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a report on Tuesday, May 13th. Finally, Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research note on Thursday, March 27th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $29.17.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's stock in a transaction dated Thursday, April 17th. The stock was 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 of the company's stock, 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 filing with the SEC, which is available through the SEC website. Company insiders own 14.30% of the company's stock.

Sable Offshore Stock Down 0.8%

NYSE:SOC traded down $0.27 during mid-day trading on Thursday, hitting $32.08. The company had a trading volume of 4,422,707 shares, compared to its average volume of 1,270,427. Sable Offshore Corp. has a 1 year low of $12.73 and a 1 year high of $35.00. The business has a fifty day simple moving average of $22.77 and a 200-day simple moving average of $23.64. 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 (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share 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 the consensus estimate of $21.00 million. As a group, equities analysts expect that Sable Offshore Corp. will post -6.39 EPS 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.