GM Advisory Group LLC Makes New Investment in Sable Offshore Corp. (NYSE:SOC)

GM Advisory Group LLC bought a new stake in Sable Offshore Corp. (NYSE:SOC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 108,441 shares of the company’s stock, valued at approximately $1,634,000. GM Advisory Group LLC owned about 0.18% of Sable Offshore at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in SOC. Fayez Sarofim & Co purchased a new stake in Sable Offshore in the 1st quarter valued at about $32,880,000. Bank of New York Mellon Corp bought a new position in shares of Sable Offshore in the second quarter valued at approximately $2,154,000. Rhumbline Advisers purchased a new stake in shares of Sable Offshore during the second quarter valued at approximately $862,000. Emfo LLC purchased a new stake in shares of Sable Offshore during the second quarter valued at approximately $371,000. Finally, Walleye Trading LLC bought a new stake in Sable Offshore during the first quarter worth $235,000. 26.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Jefferies Financial Group upped their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Benchmark restated a “buy” rating and set a $24.00 price target on shares of Sable Offshore in a research report on Wednesday, July 24th.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 41,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was purchased at an average price of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the transaction, the insider now directly owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 14.30% of the stock is currently owned by company insiders.

Sable Offshore Trading Up 9.7 %

NYSE:SOC opened at $28.28 on Friday. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $28.67. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48. The firm’s 50 day moving average is $17.58 and its 200 day moving average is $14.40.

Sable Offshore (NYSE:SOC) last issued its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Equities research analysts expect that Sable Offshore Corp. will post -2.82 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.