Wells Fargo & Company MN Purchases 19,178 Shares of Sable Offshore Corp. (NYSE:SOC)

Wells Fargo & Company MN grew its position in Sable Offshore Corp. (NYSE:SOC - Free Report) by 123.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,721 shares of the company's stock after acquiring an additional 19,178 shares during the period. Wells Fargo & Company MN's holdings in Sable Offshore were worth $795,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SOC. Barclays PLC raised its stake in shares of Sable Offshore by 342.9% in the third quarter. Barclays PLC now owns 77,583 shares of the company's stock valued at $1,832,000 after acquiring an additional 60,065 shares during the last quarter. Virtu Financial LLC bought a new position in Sable Offshore in the 3rd quarter worth approximately $521,000. JPMorgan Chase & Co. raised its position in Sable Offshore by 153.6% in 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 last quarter. ORG Wealth Partners LLC bought a new position in Sable Offshore in the 4th quarter worth approximately $106,000. Finally, 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 worth $114,000 after purchasing an additional 2,250 shares during the last quarter. Institutional investors own 26.19% of the company's stock.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the transaction, the insider now owns 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. This represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 14.30% of the company's stock.

Sable Offshore Trading Down 4.4 %

NYSE:SOC opened at $18.68 on Thursday. Sable Offshore Corp. has a 1-year low of $10.30 and a 1-year high of $32.33. The business's 50-day moving average price is $22.81 and its two-hundred day moving average price is $23.13. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Analysts Set New Price Targets

Several research analysts recently weighed in on SOC shares. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research report on Thursday, March 27th. Benchmark restated a "buy" rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Mkm started coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price objective for the company. Finally, BWS Financial restated a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $27.50.

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.

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