JPMorgan Chase & Co. Raises Stock Holdings in Sable Offshore Corp. $SOC

JPMorgan Chase & Co. grew its holdings in Sable Offshore Corp. (NYSE:SOC) by 389.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 159,238 shares of the company’s stock after buying an additional 126,692 shares during the quarter. JPMorgan Chase & Co. owned 0.11% of Sable Offshore worth $2,780,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Sable Offshore by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after acquiring an additional 1,271 shares during the period. NewEdge Advisors LLC lifted its holdings in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares in the last quarter. Legal & General Group Plc lifted its holdings in Sable Offshore by 28.1% during the second quarter. Legal & General Group Plc now owns 63,788 shares of the company’s stock valued at $1,402,000 after purchasing an additional 13,974 shares in the last quarter. Rhumbline Advisers grew its position in shares of Sable Offshore by 37.9% in the second quarter. Rhumbline Advisers now owns 99,053 shares of the company’s stock valued at $2,177,000 after purchasing an additional 27,238 shares during the period. Finally, New York State Common Retirement Fund increased its stake in shares of Sable Offshore by 25.3% during the second quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock worth $490,000 after purchasing an additional 4,500 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

SOC opened at $15.36 on Monday. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of -3.66 and a beta of -0.10. The company’s 50 day simple moving average is $12.13 and its two-hundred day simple moving average is $11.26. Sable Offshore Corp. has a 1-year low of $3.72 and a 1-year high of $35.00.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. On average, equities analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other news, COO James Caldwell Flores sold 279,081 shares of Sable Offshore stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the chief operating officer owned 442,794 shares in the company, valued at $7,390,231.86. The trade was a 38.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Gregory D. Patrinely sold 279,081 shares of the business’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the executive vice president directly owned 442,794 shares in the company, valued at approximately $7,390,231.86. The trade was a 38.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 837,243 shares of company stock worth $13,973,586 in the last three months. 36.36% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SOC shares. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Jefferies Financial Group boosted their price objective on Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, March 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Finally, Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Sable Offshore currently has a consensus rating of “Hold” and a consensus target price of $19.50.

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.