Sable Offshore Corp. (NYSE:SOC) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in shares of Sable Offshore Corp. (NYSE:SOC) by 5.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,010 shares of the company’s stock after selling 2,238 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Sable Offshore were worth $848,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of SOC. Americana Partners LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at $309,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Sable Offshore in the 4th quarter valued at $354,000. Emerald Advisers LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at $6,700,000. Raymond James Financial Inc. acquired a new position in shares of Sable Offshore in the 4th quarter valued at $1,177,000. Finally, Encompass Capital Advisors LLC boosted its holdings in shares of Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after purchasing an additional 788,495 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SOC shares. 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 on the stock. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the company a “buy” rating in a report on Friday, May 23rd. BWS Financial reiterated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Tuesday, May 13th. Benchmark lifted their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, May 20th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a report on Monday, May 26th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Sable Offshore presently has an average rating of “Moderate Buy” and a consensus price target of $30.33.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This 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 the SEC website. Insiders own 36.36% of the company’s stock.

Sable Offshore Trading Down 5.5%

Shares of SOC opened at $22.96 on Wednesday. Sable Offshore Corp. has a one year low of $13.66 and a one year high of $35.00. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The company’s fifty day moving average price is $23.32 and its 200 day moving average price is $24.11.

Sable Offshore (NYSE:SOC) last posted its quarterly 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 for the quarter, compared to the consensus estimate of $21.00 million. Equities research analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

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.