Ascent Group LLC Purchases Shares of 17,685 Sable Offshore Corp. $SOC

Ascent Group LLC purchased a new stake in Sable Offshore Corp. (NYSE:SOC) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 17,685 shares of the company’s stock, valued at approximately $449,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of SOC. CenterBook Partners LP acquired a new stake in Sable Offshore during the 1st quarter worth about $1,499,000. Toronto Dominion Bank acquired a new stake in Sable Offshore during the 4th quarter worth about $344,000. FNY Investment Advisers LLC raised its holdings in Sable Offshore by 1,190.1% during the 1st quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company’s stock worth $382,000 after buying an additional 13,924 shares during the period. California State Teachers Retirement System raised its holdings in Sable Offshore by 29.0% during the 4th quarter. California State Teachers Retirement System now owns 31,856 shares of the company’s stock worth $730,000 after buying an additional 7,152 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Sable Offshore during the 1st quarter worth about $295,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SOC shares. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a report on Monday, May 26th. Benchmark boosted their price objective on Sable Offshore from $37.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, May 20th. Finally, Roth Capital set a $37.00 target price on Sable Offshore and gave the company a “buy” rating in a report on Friday, May 23rd. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the sale, the insider owned 9,933,394 shares of the company’s stock, valued at approximately $218,336,000.12. The trade was a 1.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 36.36% of the company’s stock.

Sable Offshore Trading Up 22.7%

Shares of SOC opened at $24.60 on Thursday. Sable Offshore Corp. has a fifty-two week low of $16.26 and a fifty-two week high of $35.00. The business’s 50-day moving average is $26.78 and its 200-day moving average is $24.86.

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

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.