SG Americas Securities LLC Buys Shares of 17,451 Sable Offshore Corp. (NYSE:SOC)

SG Americas Securities LLC bought a new stake in shares of Sable Offshore Corp. (NYSE:SOC) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 17,451 shares of the company’s stock, valued at approximately $412,000.

Other large investors have also recently bought and sold shares of the company. Amalgamated Bank acquired a new stake in Sable Offshore during the 2nd quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Sable Offshore during the 2nd quarter valued at $86,000. Spartan Fund Management Inc. acquired a new stake in Sable Offshore during the 2nd quarter valued at $162,000. Walleye Trading LLC acquired a new stake in Sable Offshore during the 1st quarter valued at $235,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Sable Offshore during the 2nd quarter valued at $324,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Price Performance

NYSE:SOC opened at $19.92 on Friday. The business’s 50-day moving average is $20.12 and its two-hundred day moving average is $15.88. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $28.67.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Equities research analysts anticipate that Sable Offshore Corp. will post -3.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group raised 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. Benchmark reaffirmed a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. Finally, BWS Financial assumed coverage on Sable Offshore in a research report on Tuesday, October 8th. They issued a “sell” rating and a $6.00 target price on the stock.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 750,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 14.30% of the stock is currently owned by corporate insiders.

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.