Raymond James Financial Inc. Takes Position in Sable Offshore Corp. (NYSE:SOC)

Raymond James Financial Inc. purchased a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 51,405 shares of the company's stock, valued at approximately $1,177,000. Raymond James Financial Inc. owned 0.06% of Sable Offshore at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Intech Investment Management LLC acquired a new stake in shares of Sable Offshore during the 3rd quarter worth about $245,000. Charles Schwab Investment Management Inc. boosted its stake in Sable Offshore by 6.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company's stock worth $9,111,000 after buying an additional 21,794 shares during the period. BNP Paribas Financial Markets increased its position in shares of Sable Offshore by 127.5% during the third quarter. BNP Paribas Financial Markets now owns 35,413 shares of the company's stock valued at $837,000 after acquiring an additional 19,847 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Sable Offshore by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 29,606 shares of the company's stock valued at $700,000 after acquiring an additional 16,682 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Sable Offshore by 31.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company's stock worth $179,000 after acquiring an additional 1,830 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

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Sable Offshore Price Performance

NYSE SOC traded down $1.61 during trading hours on Tuesday, hitting $16.61. 3,869,767 shares of the company were exchanged, compared to its average volume of 1,025,474. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The company has a 50 day moving average of $25.26 and a two-hundred day moving average of $23.57. Sable Offshore Corp. has a 52-week low of $10.11 and a 52-week high of $32.33.

Analysts Set New Price Targets

Several analysts recently weighed in on SOC shares. Benchmark reiterated a "buy" rating on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Mkm assumed coverage on Sable Offshore in a report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price objective on the stock. Roth Capital set a $30.00 target price on Sable Offshore in a report on Thursday, March 27th. BWS Financial reaffirmed a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Pickering Energy Partners initiated coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an "outperform" rating on the stock. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.50.

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.