Schonfeld Strategic Advisors LLC Buys Shares of 16,300 Sable Offshore Corp. (NYSE:SOC)

Schonfeld Strategic Advisors LLC purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,300 shares of the company's stock, valued at approximately $373,000.

Other institutional investors have also modified their holdings of the company. Barclays PLC increased its position in shares of Sable Offshore by 342.9% during the third quarter. Barclays PLC now owns 77,583 shares of the company's stock worth $1,832,000 after acquiring an additional 60,065 shares during the period. JPMorgan Chase & Co. increased its holdings in Sable Offshore by 153.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company's stock worth $2,836,000 after purchasing an additional 72,694 shares during the period. Salem Investment Counselors Inc. raised its position in Sable Offshore by 81.8% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock valued at $114,000 after purchasing an additional 2,250 shares in the last quarter. Ballentine Partners LLC raised its position in Sable Offshore by 35.8% in the 4th quarter. Ballentine Partners LLC now owns 17,982 shares of the company's stock valued at $412,000 after purchasing an additional 4,743 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Sable Offshore by 42.0% in the 4th quarter. SG Americas Securities LLC now owns 24,783 shares of the company's stock valued at $568,000 after buying an additional 7,332 shares during the period. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Stock Performance

Shares of NYSE:SOC traded up $0.58 on Wednesday, reaching $28.64. 2,704,918 shares of the company were exchanged, compared to its average volume of 1,189,618. The company has a 50-day moving average of $21.95 and a 200-day moving average of $23.29. 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 1-year low of $11.16 and a 1-year high of $32.33.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its earnings results 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. Equities research analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SOC shares. Roth Mkm initiated coverage on Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 price target for the company. Benchmark reaffirmed 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 shares of Sable Offshore in a research report on Thursday, March 27th. Finally, BWS Financial reaffirmed a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Sable Offshore currently has a consensus rating of "Moderate Buy" and an average price target of $27.50.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction on 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 directly owns 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 14.30% of the company's stock.

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.