Bridgewater Associates LP Purchases Shares of 204,946 Sable Offshore Corp. (NYSE:SOC)

Bridgewater Associates LP bought a new stake in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 204,946 shares of the company's stock, valued at approximately $4,693,000. Bridgewater Associates LP owned 0.23% of Sable Offshore as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. State Street Corp grew its stake in Sable Offshore by 74.3% during the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company's stock valued at $37,557,000 after purchasing an additional 677,426 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Sable Offshore by 23.6% in the 4th 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 bought a new stake in shares of Sable Offshore in the 4th quarter worth approximately $6,700,000. Renaissance Technologies LLC lifted its holdings in shares of Sable Offshore by 313.8% in the 4th 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 during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Sable Offshore by 16.9% in the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock worth $28,155,000 after purchasing an additional 177,971 shares during the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SOC has been the subject of several research analyst reports. Benchmark reaffirmed a "buy" rating on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research report on Thursday, March 27th. BWS Financial restated a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Roth Mkm started coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $27.50.

Sable Offshore Stock Performance

SOC stock traded down $0.07 during mid-day trading on Wednesday, reaching $18.63. 425,643 shares of the stock traded hands, compared to its average volume of 1,521,964. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore Corp. has a 52-week low of $10.26 and a 52-week high of $32.33. The stock's fifty day moving average is $24.10 and its 200-day moving average is $23.20.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company'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 sale, the insider now directly owns 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. This represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 14.30% of the company's stock.

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.