Sable Offshore Corp. (NYSE:SOC) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in shares of Sable Offshore Corp. (NYSE:SOC) by 2.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,051,177 shares of the company’s stock after purchasing an additional 26,934 shares during the period. Geode Capital Management LLC owned about 1.62% of Sable Offshore worth $24,844,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SOC. Amalgamated Bank acquired a new stake in Sable Offshore in the second quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Sable Offshore during the 2nd quarter worth about $86,000. US Bancorp DE boosted its holdings in Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after purchasing an additional 3,758 shares in the last quarter. Covestor Ltd purchased a new position in Sable Offshore in the third quarter valued at approximately $130,000. Finally, Spartan Fund Management Inc. acquired a new stake in Sable Offshore during the second quarter worth approximately $162,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

Sable Offshore Price Performance

Shares of NYSE:SOC opened at $23.85 on Friday. 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 Corp. has a one year low of $10.11 and a one year high of $28.67. The company has a 50-day simple moving average of $21.88 and a 200-day simple moving average of $19.33.

Analyst Ratings Changes

Several research analysts have recently issued reports on SOC shares. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating 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. Jefferies Financial Group lifted their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Benchmark reissued a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. Finally, 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 on the stock. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, Sable Offshore currently has an average rating of “Moderate Buy” and a consensus price target 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.