GM Advisory Group LLC Acquires 413,355 Shares of Sable Offshore Corp. $SOC

GM Advisory Group LLC lifted its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 68.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,013,355 shares of the company’s stock after buying an additional 413,355 shares during the period. Sable Offshore comprises about 1.1% of GM Advisory Group LLC’s holdings, making the stock its 25th largest position. GM Advisory Group LLC owned approximately 1.13% of Sable Offshore worth $22,274,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of SOC. Fiducient Advisors LLC purchased a new stake in shares of Sable Offshore in the second quarter valued at about $1,062,000. Ameritas Investment Partners Inc. boosted its holdings in Sable Offshore by 41.3% during the second quarter. Ameritas Investment Partners Inc. now owns 6,985 shares of the company’s stock worth $154,000 after purchasing an additional 2,041 shares during the last quarter. Rhumbline Advisers grew its position in Sable Offshore by 37.9% in the 2nd quarter. Rhumbline Advisers now owns 99,053 shares of the company’s stock worth $2,177,000 after purchasing an additional 27,238 shares in the last quarter. Legal & General Group Plc increased its stake in Sable Offshore by 28.1% in the 2nd quarter. Legal & General Group Plc now owns 63,788 shares of the company’s stock valued at $1,402,000 after buying an additional 13,974 shares during the last quarter. Finally, MAI Capital Management bought a new position in shares of Sable Offshore during the 2nd quarter worth approximately $123,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SOC. Roth Capital reaffirmed a “buy” rating and set a $22.00 target price on shares of Sable Offshore in a research report on Tuesday, November 11th. Benchmark dropped their price objective on Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, November 4th. Jefferies Financial Group reduced their target price on Sable Offshore from $38.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Sable Offshore has an average rating of “Hold” and a consensus target price of $19.60.

Sable Offshore Stock Performance

SOC opened at $4.16 on Thursday. The stock’s 50 day moving average price is $12.89 and its 200-day moving average price is $21.53. The stock has a market capitalization of $602.45 million, a PE ratio of -1.27 and a beta of 0.46. Sable Offshore Corp. has a 52-week low of $3.72 and a 52-week high of $35.00.

Sable Offshore (NYSE:SOC) last posted its earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the company’s stock in a transaction dated 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 acquisition, the insider owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This represents a 9.88% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 36.36% of the company’s stock.

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.