California State Teachers Retirement System Buys 7,152 Shares of Sable Offshore Corp. (NYSE:SOC)

California State Teachers Retirement System grew its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 29.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,856 shares of the company’s stock after acquiring an additional 7,152 shares during the quarter. California State Teachers Retirement System’s holdings in Sable Offshore were worth $730,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after acquiring an additional 665,407 shares in the last quarter. Encompass Capital Advisors LLC increased its holdings in shares of Sable Offshore by 128.9% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after acquiring an additional 788,495 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Sable Offshore by 16.9% during the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock valued at $28,155,000 after acquiring an additional 177,971 shares in the last quarter. Greenhaven Road Investment Management L.P. increased its holdings in shares of Sable Offshore by 24.3% during the fourth quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company’s stock valued at $14,275,000 after acquiring an additional 121,751 shares in the last quarter. Finally, GM Advisory Group LLC increased its holdings in shares of Sable Offshore by 17.6% during the fourth quarter. GM Advisory Group LLC now owns 600,000 shares of the company’s stock valued at $13,740,000 after acquiring an additional 90,000 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Price Performance

Shares of NYSE:SOC opened at $22.96 on Wednesday. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The stock’s 50-day simple moving average is $23.32 and its two-hundred day simple moving average is $24.11. Sable Offshore Corp. has a 52-week low of $13.66 and a 52-week high of $35.00.

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

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 10,100,569 shares of the company’s stock, valued at $256,251,435.53. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 36.36% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SOC. Roth Capital set a $37.00 price target on Sable Offshore and gave the company a “buy” rating in a report on Friday, May 23rd. Benchmark increased their price objective on Sable Offshore from $37.00 to $47.00 and gave the company a “buy” rating in a research report on Tuesday, May 20th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Monday, May 26th. BWS Financial reaffirmed a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, May 13th. Finally, Roth Mkm started coverage on Sable Offshore in a research report on Thursday, March 27th. They set a “buy” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat, Sable Offshore presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.33.

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.