MetLife Investment Management LLC Raises Stock Holdings in Sable Offshore Corp. (NYSE:SOC)

MetLife Investment Management LLC grew its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 129.1% during the third quarter, Holdings Channel reports. The institutional investor owned 29,606 shares of the company’s stock after buying an additional 16,682 shares during the period. MetLife Investment Management LLC’s holdings in Sable Offshore were worth $700,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in SOC. Amalgamated Bank bought a new stake in Sable Offshore during the 2nd quarter worth approximately $26,000. US Bancorp DE boosted its position in shares of Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares during the period. Covestor Ltd purchased a new stake in shares of Sable Offshore in the third quarter worth $130,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Sable Offshore during the 2nd quarter valued at $86,000. Finally, Intech Investment Management LLC purchased a new position in shares of Sable Offshore during the 3rd quarter valued at $245,000. 26.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SOC shares. Johnson Rice assumed coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target for the company. Benchmark reiterated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. BWS Financial reissued a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Jefferies Financial Group upped their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 750,000 shares of Sable Offshore stock in a transaction dated Thursday, September 19th. The shares were purchased at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the acquisition, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. This represents a 9.33 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 14.30% of the company’s stock.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $19.67 on Friday. The stock has a 50 day moving average of $21.96 and a 200 day moving average of $18.67. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $28.67.

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.