Adage Capital Partners GP L.L.C. lessened its holdings in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 40.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,198,166 shares of the company's stock after selling 2,215,042 shares during the quarter. Adage Capital Partners GP L.L.C. owned 3.59% of Sable Offshore worth $73,238,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Sable Offshore by 23.6% in the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock worth $79,832,000 after acquiring an additional 665,407 shares in the last quarter. Emerald Advisers LLC purchased a new stake in Sable Offshore during the 4th quarter worth $6,700,000. Harraden Circle Investments LLC acquired a new stake in Sable Offshore in the 4th quarter valued at $5,038,000. Bridgewater Associates LP purchased a new position in Sable Offshore in the fourth quarter valued at about $4,693,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Sable Offshore by 313.8% during the fourth quarter. Renaissance Technologies LLC now owns 269,800 shares of the company's stock worth $6,178,000 after purchasing an additional 204,600 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company's stock.
Sable Offshore Price Performance
Shares of SOC traded up $0.17 during trading on Friday, reaching $19.78. The company's stock had a trading volume of 1,081,771 shares, compared to its average volume of 1,118,430. Sable Offshore Corp. has a twelve month low of $10.26 and a twelve month high of $32.33. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. The company has a fifty day moving average of $23.41 and a two-hundred day moving average of $23.17.
Insider Activity at Sable Offshore
In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This trade represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 14.30% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of research firms have recently issued reports on SOC. Roth Capital set a $30.00 target price on Sable Offshore in a research note on Thursday, March 27th. Roth Mkm assumed coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price objective for the company. BWS Financial reissued a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Benchmark reaffirmed a "buy" rating on shares of Sable Offshore in a 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $27.50.
Check Out Our Latest Stock Report on SOC
Sable Offshore Profile
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Free Report)
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.
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