AlphaQuest LLC Invests $568,000 in Sable Offshore Corp. $SOC

AlphaQuest LLC bought a new position in Sable Offshore Corp. (NYSE:SOC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 25,861 shares of the company’s stock, valued at approximately $568,000.

Several other hedge funds have also recently modified their holdings of the stock. FNY Investment Advisers LLC lifted its holdings in shares of Sable Offshore by 22.0% in the second quarter. FNY Investment Advisers LLC now owns 18,422 shares of the company’s stock worth $404,000 after buying an additional 3,328 shares in the last quarter. Angeles Wealth Management LLC bought a new stake in Sable Offshore in the second quarter worth $268,000. CWM LLC increased its position in Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after purchasing an additional 1,730 shares during the last quarter. Ballentine Partners LLC increased its position in Sable Offshore by 101.4% in the second quarter. Ballentine Partners LLC now owns 33,735 shares of the company’s stock worth $741,000 after purchasing an additional 16,984 shares during the last quarter. Finally, Sheets Smith Wealth Management bought a new stake in Sable Offshore in the second quarter worth $393,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Up 1.3%

SOC stock opened at $13.02 on Wednesday. Sable Offshore Corp. has a twelve month low of $11.25 and a twelve month high of $35.00. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -3.84 and a beta of 0.51. The firm’s fifty day simple moving average is $20.74 and its two-hundred day simple moving average is $23.53.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.44). As a group, equities research analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were acquired at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the transaction, the insider directly owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. The trade was a 9.88% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 36.36% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Sable Offshore in a research report on Wednesday, October 8th. Roth Capital restated a “buy” rating and issued a $28.00 price target on shares of Sable Offshore in a research report on Wednesday, October 15th. Six investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.20.

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.