Invesco Ltd. Has $5.26 Million Stake in Sable Offshore Corp. $SOC

Invesco Ltd. increased its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 696.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 207,442 shares of the company’s stock after acquiring an additional 181,412 shares during the period. Invesco Ltd. owned about 0.23% of Sable Offshore worth $5,263,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CenterBook Partners LP acquired a new stake in shares of Sable Offshore during the first quarter worth $1,499,000. Toronto Dominion Bank acquired a new stake in shares of Sable Offshore during the fourth quarter worth $344,000. FNY Investment Advisers LLC raised its holdings in shares of Sable Offshore by 1,190.1% during the first 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 increased its stake in 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 buying an additional 788,495 shares during the last quarter. Finally, California State Teachers Retirement System increased its stake in Sable Offshore by 29.0% in the 4th quarter. California State Teachers Retirement System now owns 31,856 shares of the company’s stock valued at $730,000 after buying an additional 7,152 shares during the last quarter. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SOC has been the topic of several recent research reports. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a research note on Monday, May 26th. 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 research note on Tuesday, May 20th. BWS Financial reiterated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, May 13th. Finally, Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the company a “buy” rating in a research note on Friday, May 23rd. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $30.33.

Sable Offshore Price Performance

Shares of SOC opened at $28.35 on Thursday. The firm has a 50-day moving average of $26.40 and a 200-day moving average of $25.16. Sable Offshore Corp. has a one year low of $15.65 and a one year high of $35.00.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.44). As a group, analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the completion of the sale, the insider 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 36.36% of the company’s stock.

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.