Rafferty Asset Management LLC Buys 94,684 Shares of Sable Offshore Corp. (NYSE:SOC)

Rafferty Asset Management LLC grew its stake in Sable Offshore Corp. (NYSE:SOC) by 377.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,765 shares of the company’s stock after acquiring an additional 94,684 shares during the period. Rafferty Asset Management LLC’s holdings in Sable Offshore were worth $2,743,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Invesco Ltd. lifted its stake in Sable Offshore by 2.7% in the 4th quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock valued at $596,000 after purchasing an additional 679 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Sable Offshore by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company’s stock valued at $658,000 after purchasing an additional 1,000 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Sable Offshore by 5.5% in the 4th quarter. MetLife Investment Management LLC now owns 31,240 shares of the company’s stock valued at $715,000 after purchasing an additional 1,634 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Sable Offshore in the 4th quarter valued at about $53,000. Finally, Legal & General Group Plc lifted its stake in Sable Offshore by 7.2% in the 4th quarter. Legal & General Group Plc now owns 43,284 shares of the company’s stock valued at $991,000 after purchasing an additional 2,890 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

Shares of SOC stock opened at $32.96 on Tuesday. The firm has a 50 day moving average price of $22.43 and a two-hundred day moving average price of $23.52. 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 12-month low of $12.73 and a 12-month high of $35.00.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) 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 analysts’ expectations of $21.00 million. Research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm’s stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the completion of the sale, the insider now directly owns 10,100,569 shares in the company, 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 legal filing with the SEC, which is available at this hyperlink. Company insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

SOC has been the subject of several recent analyst reports. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Mkm initiated coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price for the company. Roth Capital set a $30.00 target price on shares of Sable Offshore in a research note on Thursday, March 27th. Finally, BWS Financial reiterated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus 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.