Intech Investment Management LLC Takes Position in Sable Offshore Corp. (NYSE:SOC)

Intech Investment Management LLC purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 10,376 shares of the company’s stock, valued at approximately $245,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. GM Advisory Group LLC bought a new stake in shares of Sable Offshore during the 2nd quarter worth $1,634,000. Sentry Investment Management LLC bought a new stake in Sable Offshore in the third quarter worth about $575,000. Bank of New York Mellon Corp purchased a new position in Sable Offshore in the second quarter valued at about $2,154,000. Allspring Global Investments Holdings LLC bought a new position in shares of Sable Offshore during the 3rd quarter valued at approximately $406,000. Finally, Amalgamated Bank purchased a new stake in shares of Sable Offshore during the 2nd quarter worth approximately $26,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were purchased at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the acquisition, the insider now owns 8,791,001 shares in the company, valued at $175,820,020. This trade represents a 9.33 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 14.30% of the company’s stock.

Sable Offshore Price Performance

NYSE:SOC opened at $19.05 on Friday. Sable Offshore Corp. has a 52-week low of $10.11 and a 52-week high of $28.67. The business’s fifty day moving average is $22.05 and its 200 day moving average is $18.59. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Analysts Set New Price Targets

SOC has been the topic of several research analyst reports. Benchmark reiterated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research note on Monday, October 7th. Johnson Rice initiated coverage on Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. BWS Financial restated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Jefferies Financial Group increased their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $25.00.

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.