Pekin Hardy Strauss Inc. Purchases New Shares in Sable Offshore Corp. (NYSE:SOC)

Pekin Hardy Strauss Inc. acquired a new position in shares of Sable Offshore Corp. (NYSE:SOC) during the 3rd quarter, Holdings Channel reports. The firm acquired 27,900 shares of the company’s stock, valued at approximately $659,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GM Advisory Group LLC increased its position in Sable Offshore by 370.3% during the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after acquiring an additional 401,559 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Sable Offshore by 6.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock worth $9,111,000 after purchasing an additional 21,794 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Sable Offshore during the second quarter worth approximately $2,154,000. Rhumbline Advisers acquired a new stake in shares of Sable Offshore in the second quarter valued at approximately $862,000. Finally, Emfo LLC bought a new stake in shares of Sable Offshore in the second quarter valued at approximately $371,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SOC shares. Jefferies Financial Group lifted their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Benchmark reaffirmed a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. Johnson Rice began coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, BWS Financial reaffirmed a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $25.00.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim bought 41,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was purchased at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the transaction, the insider now owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. This trade represents a 0.51 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 14.30% of the company’s stock.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $24.08 on Monday. The firm’s 50 day moving average is $22.46 and its 200 day moving average is $18.03. Sable Offshore Corp. has a 1 year low of $10.11 and a 1 year high of $28.67. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

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.