SVB Wealth LLC Invests $29,000 in Sable Offshore Corp. $SOC

SVB Wealth LLC bought a new position in shares of Sable Offshore Corp. (NYSE:SOC) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,156 shares of the company’s stock, valued at approximately $29,000.

Other institutional investors have also bought and sold shares of the company. Invesco Ltd. grew 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 acquiring an additional 679 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Sable Offshore by 3.6% during 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 in the last quarter. Townsquare Capital LLC grew its stake in Sable Offshore by 12.3% during the first quarter. Townsquare Capital LLC now owns 11,338 shares of the company’s stock worth $288,000 after purchasing an additional 1,242 shares during the period. US Bancorp DE grew its stake in Sable Offshore by 62.2% during the first quarter. US Bancorp DE now owns 3,281 shares of the company’s stock worth $83,000 after purchasing an additional 1,258 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in Sable Offshore by 5.5% in the fourth quarter. MetLife Investment Management LLC now owns 31,240 shares of the company’s stock worth $715,000 after purchasing an additional 1,634 shares in the last quarter. Institutional investors own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of research analyst reports. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a report on Monday, May 26th. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the company a “buy” rating in a research report on Friday, May 23rd. Benchmark raised their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, May 20th. Finally, BWS Financial reaffirmed a “sell” rating and issued a $6.00 price target 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 MarketBeat.com, Sable Offshore has an average rating of “Moderate Buy” and an average target price of $30.33.

Sable Offshore Stock Down 0.8%

Shares of NYSE:SOC opened at $28.13 on Friday. The stock’s 50 day moving average is $26.51 and its 200-day moving average is $25.19. Sable Offshore Corp. has a twelve month low of $15.65 and a twelve month high of $35.00.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.44). Equities analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business’s stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the completion of the sale, the insider directly owned 9,933,394 shares of the company’s stock, valued at $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 36.36% of the stock is currently owned by insiders.

Sable Offshore 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.