State Street Corp Buys 677,426 Shares of Sable Offshore Corp. (NYSE:SOC)

State Street Corp boosted its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 74.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,589,395 shares of the company’s stock after purchasing an additional 677,426 shares during the quarter. State Street Corp owned about 2.45% of Sable Offshore worth $37,557,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SOC. Bank of New York Mellon Corp acquired a new stake in shares of Sable Offshore in the second quarter worth $2,154,000. Emfo LLC acquired a new position in Sable Offshore during the 2nd quarter worth $371,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Sable Offshore during the second quarter valued at about $86,000. Spartan Fund Management Inc. acquired a new stake in shares of Sable Offshore in the second quarter valued at about $162,000. Finally, Rhumbline Advisers bought a new position in shares of Sable Offshore in the second quarter worth about $862,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Benchmark reissued a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. BWS Financial reissued a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Johnson Rice assumed coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. Jefferies Financial Group lifted their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Pickering Energy Partners initiated coverage on Sable Offshore in a research report on Tuesday. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, Sable Offshore presently has an average rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Stock Performance

Shares of SOC opened at $22.27 on Friday. Sable Offshore Corp. has a 12-month low of $10.11 and a 12-month high of $28.67. The stock’s fifty day simple moving average is $21.65 and its 200-day simple moving average is $19.10. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

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.