Invesco Ltd. Acquires 679 Shares of Sable Offshore Corp. (NYSE:SOC)

Invesco Ltd. boosted its holdings in shares of Sable Offshore Corp. (NYSE:SOC) by 2.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,030 shares of the company’s stock after purchasing an additional 679 shares during the quarter. Invesco Ltd.’s holdings in Sable Offshore were worth $596,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its position in shares of Sable Offshore by 153.6% during the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock valued at $2,836,000 after buying an additional 72,694 shares during the last quarter. Americana Partners LLC bought a new stake in Sable Offshore in the 4th quarter valued at $309,000. Y Intercept Hong Kong Ltd purchased a new stake in Sable Offshore in the 4th quarter worth $354,000. Emerald Advisers LLC purchased a new stake in Sable Offshore in the 4th quarter worth $6,700,000. Finally, Raymond James Financial Inc. bought a new position in shares of Sable Offshore during the 4th quarter valued at about $1,177,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the sale, the insider now owns 10,100,569 shares of the company’s stock, valued at approximately $256,251,435.53. This represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.30% of the stock is owned by corporate insiders.

Sable Offshore Stock Up 2.0 %

NYSE:SOC opened at $20.42 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. The business has a 50 day simple moving average of $22.45 and a 200-day simple moving average of $23.13. Sable Offshore Corp. has a 1 year low of $10.40 and a 1 year high of $32.33.

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.