Northern Trust Corp Has $10.77 Million Stock Holdings in Sable Offshore Corp. (NYSE:SOC)

Northern Trust Corp grew its position in Sable Offshore Corp. (NYSE:SOC) by 7.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 470,112 shares of the company’s stock after purchasing an additional 30,720 shares during the period. Northern Trust Corp owned about 0.53% of Sable Offshore worth $10,766,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC raised 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 valued at $1,832,000 after buying an additional 60,065 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Sable Offshore by 153.6% in 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. Ballentine Partners LLC raised its holdings in shares of Sable Offshore by 35.8% in the fourth quarter. Ballentine Partners LLC now owns 17,982 shares of the company’s stock valued at $412,000 after buying an additional 4,743 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Sable Offshore by 42.0% in the fourth quarter. SG Americas Securities LLC now owns 24,783 shares of the company’s stock valued at $568,000 after buying an additional 7,332 shares during the last quarter. Finally, Bleakley Financial Group LLC bought a new position in shares of Sable Offshore in the fourth quarter valued at about $1,562,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Insider Activity

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business’s stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. The trade was a 1.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.30% of the stock is currently owned by company insiders.

Sable Offshore Stock Up 2.8%

Shares of SOC stock opened at $28.84 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 stock has a 50-day moving average of $22.27 and a 200-day moving average of $23.43. Sable Offshore Corp. has a one year low of $12.73 and a one year high of $32.33.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.63). The firm had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. Analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SOC has been the subject of several recent research reports. Benchmark reissued a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Capital set a $30.00 price objective on Sable Offshore in a report on Thursday, March 27th. Roth Mkm initiated coverage on Sable Offshore in a report on Thursday, March 27th. They set a “buy” rating and a $30.00 price objective for the company. Finally, BWS Financial reissued a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.50.

Sable Offshore Company 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.