Clough Capital Partners L P Makes New Investment in Sable Offshore Corp. $SOC

Clough Capital Partners L P purchased a new stake in Sable Offshore Corp. (NYSE:SOC) in the 1st quarter, HoldingsChannel reports. The fund purchased 58,751 shares of the company’s stock, valued at approximately $1,491,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SOC. Invesco Ltd. raised its holdings in Sable Offshore by 2.7% during the 4th quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock worth $596,000 after purchasing an additional 679 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sable Offshore by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company’s stock valued at $658,000 after buying an additional 1,000 shares during the period. SVB Wealth LLC bought a new stake in Sable Offshore during the first quarter valued at $29,000. Townsquare Capital LLC boosted its position in Sable Offshore by 12.3% during the first quarter. Townsquare Capital LLC now owns 11,338 shares of the company’s stock valued at $288,000 after acquiring an additional 1,242 shares during the last quarter. Finally, US Bancorp DE grew its holdings in Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company’s stock worth $83,000 after acquiring an additional 1,258 shares during the period. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Trading Down 0.8%

Shares of NYSE:SOC opened at $28.13 on Friday. Sable Offshore Corp. has a 52-week low of $15.65 and a 52-week high of $35.00. The business’s 50 day simple moving average is $26.51 and its two-hundred day simple moving average is $25.19.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). On average, research analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SOC. Benchmark boosted their price objective on Sable Offshore from $37.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, May 20th. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research note on Monday, May 26th. Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a “buy” rating in a report on Friday, May 23rd. Finally, BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Tuesday, May 13th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Sable Offshore has an average rating of “Moderate Buy” and an average price target of $30.33.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $21.98, for a total value of $3,674,506.50. Following the transaction, the insider directly owned 9,933,394 shares of the company’s stock, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 36.36% 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.