10,376 Shares in Sable Offshore Corp. (NYSE:SOC) Acquired by Intech Investment Management LLC

Intech Investment Management LLC purchased a new stake in shares of Sable Offshore Corp. (NYSE:SOC) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 10,376 shares of the company’s stock, valued at approximately $245,000.

Other large investors have also recently made changes to their positions in the company. Covestor Ltd bought a new position in shares of Sable Offshore during the 3rd quarter valued at $130,000. Sentry Investment Management LLC bought a new position in shares of Sable Offshore during the third quarter valued at about $575,000. Angeles Wealth Management LLC purchased a new position in shares of Sable Offshore in the third quarter worth about $296,000. US Bancorp DE lifted its stake in shares of Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after acquiring an additional 3,758 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new stake in Sable Offshore during the 3rd quarter valued at about $313,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim purchased 750,000 shares of Sable Offshore stock in a transaction that occurred on Thursday, September 19th. The shares were bought at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SOC. BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Wednesday, November 27th. Johnson Rice started coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. Benchmark restated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. Finally, Jefferies Financial Group increased their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Trading Down 7.0 %

NYSE:SOC opened at $19.05 on Friday. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The firm’s fifty day simple moving average is $22.05 and its 200 day simple moving average is $18.59. Sable Offshore Corp. has a twelve month low of $10.11 and a twelve month high of $28.67.

Sable Offshore Company 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.