Charles Schwab Investment Management Inc. Increases Position in Sable Offshore Corp. (NYSE:SOC)

Charles Schwab Investment Management Inc. grew its stake in Sable Offshore Corp. (NYSE:SOC) by 6.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 385,567 shares of the company’s stock after acquiring an additional 21,794 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Sable Offshore were worth $9,111,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SOC. GM Advisory Group LLC purchased a new stake in Sable Offshore during the 2nd quarter valued at about $1,634,000. Sentry Investment Management LLC purchased a new stake in Sable Offshore during the 3rd quarter valued at about $575,000. Bank of New York Mellon Corp purchased a new stake in Sable Offshore during the 2nd quarter valued at about $2,154,000. Allspring Global Investments Holdings LLC purchased a new stake in Sable Offshore during the 3rd quarter valued at about $406,000. Finally, Amalgamated Bank acquired a new position in shares of Sable Offshore in the 2nd quarter valued at about $26,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Trading Down 1.2 %

SOC stock opened at $20.28 on Wednesday. The business has a fifty day moving average of $21.81 and a two-hundred day moving average of $18.81. 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 52-week low of $10.11 and a 52-week high of $28.67.

Insider Activity

In related news, major shareholder Global Icav Pilgrim bought 750,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was purchased at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

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

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.