JPMorgan Chase & Co. Raises Stake in Sable Offshore Corp. (NYSE:SOC)

JPMorgan Chase & Co. grew its holdings in shares of Sable Offshore Corp. (NYSE:SOC) by 153.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 120,032 shares of the company’s stock after acquiring an additional 72,694 shares during the quarter. JPMorgan Chase & Co. owned 0.13% of Sable Offshore worth $2,836,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Virtu Financial LLC bought a new stake in shares of Sable Offshore in the 3rd quarter valued at about $521,000. Geode Capital Management LLC boosted its stake in shares of Sable Offshore by 2.6% during the third quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock valued at $24,844,000 after purchasing an additional 26,934 shares during the period. Barclays PLC grew its holdings in shares of Sable Offshore by 342.9% in the third quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after purchasing an additional 60,065 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Sable Offshore in the third quarter worth $406,000. Finally, State Street Corp boosted its position in Sable Offshore by 74.3% during the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after buying an additional 677,426 shares during the period. 26.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SOC shares. Pickering Energy Partners began coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They issued an “outperform” rating on the stock. Johnson Rice assumed coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. Benchmark reiterated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. Finally, BWS Financial reissued a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Sable Offshore presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Price Performance

Shares of SOC opened at $24.56 on Tuesday. The company has a 50-day simple moving average of $22.53 and a two-hundred day simple moving average of $20.42. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore Corp. has a one year low of $10.11 and a one year high of $28.67.

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.