17,192 Shares in Sable Offshore Corp. (NYSE:SOC) Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC bought a new position in Sable Offshore Corp. (NYSE:SOC) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 17,192 shares of the company’s stock, valued at approximately $406,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SOC. Fayez Sarofim & Co purchased a new stake in Sable Offshore during the 1st quarter worth $32,880,000. Walleye Trading LLC acquired a new stake in shares of Sable Offshore in the 1st quarter valued at about $235,000. Bank of New York Mellon Corp bought a new stake in shares of Sable Offshore during the 2nd quarter valued at about $2,154,000. Emfo LLC bought a new stake in shares of Sable Offshore during the 2nd quarter valued at about $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Sable Offshore in the 2nd quarter worth about $86,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SOC has been the subject of several recent analyst reports. BWS Financial initiated coverage on shares of Sable Offshore in a research report on Tuesday, October 8th. They issued a “sell” rating and a $6.00 target price for the company. Jefferies Financial Group upped their price target on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Benchmark restated a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research report on Monday, October 7th.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 41,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were acquired at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the transaction, the insider now owns 8,041,001 shares in the company, valued at approximately $124,233,465.45. 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 is available through the SEC website. 14.30% of the stock is owned by company insiders.

Sable Offshore Stock Performance

Shares of SOC opened at $22.12 on Friday. The company’s fifty day moving average is $21.50 and its 200-day moving average is $16.65. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $28.67. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). Analysts predict that Sable Offshore Corp. will post -3.95 earnings per share for the current fiscal year.

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.