FNY Investment Advisers LLC Buys 70,068 Shares of Sable Offshore Corp. $SOC

FNY Investment Advisers LLC increased its position in Sable Offshore Corp. (NYSE:SOC) by 380.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,490 shares of the company’s stock after acquiring an additional 70,068 shares during the quarter. FNY Investment Advisers LLC owned about 0.06% of Sable Offshore worth $1,545,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SOC. KBC Group NV bought a new position in shares of Sable Offshore in the second quarter worth approximately $46,000. NewEdge Advisors LLC raised its position in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the period. Whittier Trust Co. purchased a new position in shares of Sable Offshore during the 3rd quarter valued at $115,000. MAI Capital Management purchased a new position in shares of Sable Offshore during the 2nd quarter valued at $123,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Sable Offshore by 2,673.7% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company’s stock worth $135,000 after buying an additional 7,433 shares during the period. Institutional investors own 26.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Jefferies Financial Group reissued a “buy” rating and set a $28.00 target price on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, TD Cowen reissued a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $19.00.

Sable Offshore Stock Performance

SOC opened at $16.85 on Thursday. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -4.01 and a beta of 0.43. The company has a fifty day moving average of $10.75 and a 200 day moving average of $11.89. Sable Offshore Corp. has a fifty-two week low of $3.72 and a fifty-two week high of $35.00.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.20. The company had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million. On average, equities research analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.