LPL Financial LLC Purchases New Position in Sable Offshore Corp. (NYSE:SOC)

LPL Financial LLC acquired a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,636 shares of the company's stock, valued at approximately $312,000.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in shares of Sable Offshore by 153.6% during the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company's stock valued at $2,836,000 after purchasing an additional 72,694 shares during the last quarter. Americana Partners LLC acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $309,000. Y Intercept Hong Kong Ltd acquired a new position in Sable Offshore during the fourth quarter worth $354,000. Raymond James Financial Inc. acquired a new position in shares of Sable Offshore during the 4th quarter valued at about $1,177,000. Finally, Bleakley Financial Group LLC bought a new position in shares of Sable Offshore in the fourth quarter valued at approximately $1,562,000. Institutional investors and hedge funds own 26.19% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on SOC. Roth Capital set a $30.00 target price on shares of Sable Offshore in a report on Thursday, March 27th. Roth Mkm started coverage on Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price objective for the company. Benchmark reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, BWS Financial reissued a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Sable Offshore has a consensus rating of "Moderate Buy" and a consensus price target of $27.50.

Sable Offshore Price Performance

Shares of SOC traded down $0.75 on Tuesday, reaching $19.56. 771,903 shares of the stock traded hands, compared to its average volume of 1,120,214. The stock's 50-day moving average price is $23.01 and its 200-day moving average price is $23.16. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore Corp. has a 12 month low of $10.26 and a 12 month high of $32.33.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the completion of the transaction, the insider now directly owns 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. This trade represents a 1.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 14.30% of the company's stock.

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.