Swiss National Bank Raises Stake in Sable Offshore Corp. $SOC

Swiss National Bank increased its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 34.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 86,300 shares of the company’s stock after buying an additional 22,100 shares during the quarter. Swiss National Bank owned about 0.10% of Sable Offshore worth $2,189,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CenterBook Partners LP purchased a new stake in shares of Sable Offshore during the first quarter worth approximately $1,499,000. Toronto Dominion Bank purchased a new position in Sable Offshore during the 4th quarter worth $344,000. FNY Investment Advisers LLC lifted its stake in shares of Sable Offshore by 1,190.1% in the 1st quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company’s stock worth $382,000 after acquiring an additional 13,924 shares during the period. Encompass Capital Advisors LLC boosted its holdings in shares of Sable Offshore by 128.9% in 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. Finally, California State Teachers Retirement System increased its stake in shares of Sable Offshore by 29.0% during the fourth quarter. California State Teachers Retirement System now owns 31,856 shares of the company’s stock worth $730,000 after acquiring an additional 7,152 shares during the period. 26.19% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the sale, the insider directly owned 9,933,394 shares of the company’s stock, valued at approximately $218,336,000.12. The trade was a 1.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 36.36% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on SOC shares. Benchmark boosted their target price on Sable Offshore from $37.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, May 20th. Roth Capital set a $37.00 price objective on Sable Offshore and gave the stock a “buy” rating in a report on Friday, May 23rd. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a report on Monday, May 26th. Finally, BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.33.

Sable Offshore Trading Up 5.8%

Sable Offshore stock opened at $28.7650 on Friday. Sable Offshore Corp. has a 52 week low of $15.13 and a 52 week high of $35.00. The firm’s 50-day simple moving average is $26.07 and its 200 day simple moving average is $25.04.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.44). As a group, sell-side analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal 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.