BNP Paribas Financial Markets Purchases 19,847 Shares of Sable Offshore Corp. (NYSE:SOC)

BNP Paribas Financial Markets raised its position in shares of Sable Offshore Corp. (NYSE:SOC) by 127.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,413 shares of the company’s stock after acquiring an additional 19,847 shares during the quarter. BNP Paribas Financial Markets owned about 0.05% of Sable Offshore worth $837,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of SOC. Pekin Hardy Strauss Inc. bought a new position in shares of Sable Offshore during the 3rd quarter worth approximately $659,000. GM Advisory Group LLC grew its holdings in Sable Offshore by 370.3% in the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Sable Offshore by 6.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock worth $9,111,000 after purchasing an additional 21,794 shares during the period. Intech Investment Management LLC bought a new stake in Sable Offshore in the third quarter valued at $245,000. Finally, Covestor Ltd acquired a new position in shares of Sable Offshore during the third quarter valued at about $130,000. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

NYSE SOC opened at $21.68 on Thursday. The company’s 50 day simple moving average is $21.75 and its two-hundred day simple moving average is $18.83. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. Sable Offshore Corp. has a 1 year low of $10.11 and a 1 year high of $28.67.

Insider Activity

In other news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were acquired at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. The trade was a 9.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

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

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.