Sable Offshore Corp. $SOC Shares Bought by FNY Investment Advisers LLC

FNY Investment Advisers LLC raised its stake in Sable Offshore Corp. (NYSE:SOC) by 22.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,422 shares of the company’s stock after purchasing an additional 3,328 shares during the period. FNY Investment Advisers LLC’s holdings in Sable Offshore were worth $404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Angeles Wealth Management LLC acquired a new stake in Sable Offshore in the 2nd quarter valued at about $268,000. CWM LLC raised its position in shares of Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after acquiring an additional 1,730 shares in the last quarter. Ballentine Partners LLC raised its position in shares of Sable Offshore by 101.4% during the 2nd quarter. Ballentine Partners LLC now owns 33,735 shares of the company’s stock worth $741,000 after acquiring an additional 16,984 shares in the last quarter. Sheets Smith Wealth Management acquired a new stake in shares of Sable Offshore during the 2nd quarter worth about $393,000. Finally, Salem Investment Counselors Inc. raised its position in shares of Sable Offshore by 40.0% during the 2nd quarter. Salem Investment Counselors Inc. now owns 7,000 shares of the company’s stock worth $154,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The shares were purchased at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the purchase, the insider directly owned 10,933,394 shares of the company’s stock, valued at $164,438,245.76. This represents a 9.88% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 36.36% of the stock is owned by corporate insiders.

Analyst Ratings Changes

SOC has been the topic of several research analyst reports. Roth Capital reissued a “buy” rating and set a $28.00 target price on shares of Sable Offshore in a research report on Wednesday, October 15th. Weiss Ratings reissued a “sell (d)” rating on shares of Sable Offshore in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, Sable Offshore currently has an average rating of “Moderate Buy” and an average target price of $28.20.

Sable Offshore Stock Performance

NYSE:SOC opened at $11.80 on Thursday. The stock’s 50 day moving average price is $21.95 and its 200 day moving average price is $23.59. Sable Offshore Corp. has a 52-week low of $11.25 and a 52-week high of $35.00.

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

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.