1,804,056 Shares in Sable Offshore Corp. $SOC Bought by Capital International Investors

Capital International Investors bought a new stake in Sable Offshore Corp. (NYSE:SOC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,804,056 shares of the company’s stock, valued at approximately $31,499,000. Capital International Investors owned 1.81% of Sable Offshore as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. KBC Group NV acquired a new stake in shares of Sable Offshore in the 2nd quarter valued at $46,000. NewEdge Advisors LLC increased its position in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares in the last quarter. MAI Capital Management bought a new position in Sable Offshore during the 2nd quarter valued at about $123,000. Whittier Trust Co. bought a new position in Sable Offshore during the 3rd quarter valued at about $115,000. Finally, Ameritas Investment Partners Inc. boosted its position in Sable Offshore by 41.3% in the second quarter. Ameritas Investment Partners Inc. now owns 6,985 shares of the company’s stock valued at $154,000 after buying an additional 2,041 shares in the last quarter. Institutional investors own 26.19% of the company’s stock.

Wall Street Analyst Weigh In

SOC has been the topic of a number of research analyst reports. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Jefferies Financial Group restated a “buy” rating and issued a $28.00 target price on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.00.

Sable Offshore Trading Up 4.5%

NYSE SOC opened at $17.33 on Friday. Sable Offshore Corp. has a 12 month low of $3.72 and a 12 month high of $35.00. The stock has a 50-day simple moving average of $10.23 and a 200 day simple moving average of $12.31. The company has a market capitalization of $2.51 billion, a PE ratio of -4.13 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.20. The firm had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. As a group, sell-side analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.