Ieq Capital LLC Takes Position in Sable Offshore Corp. (NYSE:SOC)

Ieq Capital LLC purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,361 shares of the company’s stock, valued at approximately $512,000.

A number of other large investors have also added to or reduced their stakes in SOC. Allspring Global Investments Holdings LLC acquired a new stake in Sable Offshore during the third quarter worth approximately $406,000. US Bancorp DE grew its position in Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after buying an additional 3,758 shares in the last quarter. Angeles Wealth Management LLC acquired a new stake in Sable Offshore during the third quarter worth approximately $296,000. Sentry Investment Management LLC acquired a new stake in Sable Offshore during the third quarter worth approximately $575,000. Finally, Covestor Ltd acquired a new stake in Sable Offshore during the third quarter worth approximately $130,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. 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 target on the stock. BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Benchmark restated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Thursday, February 20th. Finally, Pickering Energy Partners assumed coverage on Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sable Offshore presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.25.

Sable Offshore Price Performance

NYSE SOC opened at $28.93 on Thursday. The business has a fifty day moving average price of $25.27 and a two-hundred day moving average price of $22.51. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore Corp. has a fifty-two week low of $10.11 and a fifty-two week high of $32.33.

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.