State Street Corp Purchases 677,426 Shares of Sable Offshore Corp. (NYSE:SOC)

State Street Corp grew its position in Sable Offshore Corp. (NYSE:SOC) by 74.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,589,395 shares of the company’s stock after buying an additional 677,426 shares during the period. State Street Corp’s holdings in Sable Offshore were worth $37,557,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in SOC. Bank of New York Mellon Corp acquired a new position in Sable Offshore in the second quarter valued at about $2,154,000. Emfo LLC acquired a new stake in shares of Sable Offshore during the second quarter worth about $371,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Sable Offshore during the 2nd quarter valued at about $86,000. Spartan Fund Management Inc. acquired a new position in shares of Sable Offshore in the 2nd quarter valued at approximately $162,000. Finally, Rhumbline Advisers bought a new stake in Sable Offshore during the 2nd quarter worth approximately $862,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Sable Offshore Price Performance

Shares of NYSE:SOC opened at $22.27 on Friday. The company’s 50-day moving average price is $21.65 and its two-hundred day moving average price is $19.10. Sable Offshore Corp. has a one year low of $10.11 and a one year high of $28.67. 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 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.