Two Seas Capital LP Makes New Investment in Sable Offshore Corp. (NYSE:SOC)

Two Seas Capital LP acquired a new position in Sable Offshore Corp. (NYSE:SOC) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 158,518 shares of the company’s stock, valued at approximately $3,630,000. Sable Offshore makes up 0.3% of Two Seas Capital LP’s portfolio, making the stock its 23rd largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SOC. Barclays PLC raised its holdings in shares of Sable Offshore by 342.9% in the 3rd quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after buying an additional 60,065 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Sable Offshore by 153.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock worth $2,836,000 after buying an additional 72,694 shares during the period. Ballentine Partners LLC lifted its holdings in shares of Sable Offshore by 35.8% in the fourth quarter. Ballentine Partners LLC now owns 17,982 shares of the company’s stock valued at $412,000 after purchasing an additional 4,743 shares in the last quarter. SG Americas Securities LLC raised its position in Sable Offshore by 42.0% in the 4th quarter. SG Americas Securities LLC now owns 24,783 shares of the company’s stock valued at $568,000 after buying an additional 7,332 shares during the last quarter. Finally, Bleakley Financial Group LLC bought a new stake in shares of Sable Offshore in the fourth quarter worth $1,562,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Roth Capital set a $30.00 price target on shares of Sable Offshore in a research note on Thursday, March 27th. 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 price objective for the company. Benchmark raised their price target on Sable Offshore from $37.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.17.

Insider Activity

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction dated Thursday, April 17th. The stock was 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 represents a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 14.30% of the company’s stock.

Sable Offshore Trading Down 0.9%

Shares of SOC stock opened at $32.72 on Wednesday. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. Sable Offshore Corp. has a one year low of $12.73 and a one year high of $35.00. The firm has a 50-day moving average of $22.62 and a 200-day moving average of $23.58.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The company had revenue of $78.00 million for the quarter, compared to the consensus estimate of $21.00 million. On average, equities research analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

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.