Geode Capital Management LLC Boosts Stake in Sable Offshore Corp. (NYSE:SOC)

Geode Capital Management LLC increased its stake in Sable Offshore Corp. (NYSE:SOC) by 16.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,229,148 shares of the company’s stock after purchasing an additional 177,971 shares during the quarter. Geode Capital Management LLC owned approximately 1.38% of Sable Offshore worth $28,155,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SOC. Salem Investment Counselors Inc. boosted its stake in Sable Offshore by 81.8% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after purchasing an additional 2,250 shares during the period. Summit Securities Group LLC purchased a new position in shares of Sable Offshore during the fourth quarter valued at approximately $53,000. Rhumbline Advisers grew its stake in shares of Sable Offshore by 5.0% during the fourth quarter. Rhumbline Advisers now owns 66,413 shares of the company’s stock valued at $1,521,000 after buying an additional 3,140 shares during the last quarter. IFP Advisors Inc purchased a new stake in shares of Sable Offshore during the fourth quarter valued at $81,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Sable Offshore by 9.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock valued at $927,000 after purchasing an additional 3,531 shares during the period. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Stock Performance

SOC opened at $20.22 on Friday. The company has a 50-day moving average price of $24.59 and a 200 day moving average price of $23.35. Sable Offshore Corp. has a twelve month low of $10.11 and a twelve month high of $32.33. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Analysts Set New Price Targets

Several research firms have recently commented on SOC. Roth Mkm started coverage on shares of Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target for the company. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a report on Thursday, March 27th. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Finally, BWS Financial restated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.50.

About Sable Offshore

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.