Corsair Capital Management L.P. Takes Position in Sable Offshore Corp. (NYSE:SOC)

Corsair Capital Management L.P. bought a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,000 shares of the company's stock, valued at approximately $591,000.

Several other institutional investors have also added to or reduced their stakes in the business. GM Advisory Group LLC raised its holdings in Sable Offshore by 370.3% in the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company's stock worth $12,051,000 after acquiring an additional 401,559 shares during the last quarter. Sentry Investment Management LLC bought a new position in shares of Sable Offshore during the 3rd quarter valued at about $575,000. Bank of New York Mellon Corp bought a new position in shares of Sable Offshore during the 2nd quarter valued at about $2,154,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Sable Offshore during the 3rd quarter valued at about $406,000. Finally, Pekin Hardy Strauss Inc. purchased a new stake in Sable Offshore in the 3rd quarter worth about $659,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the company's stock in a transaction that occurred on Thursday, September 19th. The stock was acquired at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.30% of the stock is currently owned by insiders.

Sable Offshore Price Performance

NYSE:SOC traded down $0.38 during trading hours on Wednesday, reaching $23.92. 619,548 shares of the company's stock were exchanged, compared to its average volume of 584,377. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore Corp. has a 1-year low of $10.11 and a 1-year high of $28.67. The company has a 50-day moving average of $22.41 and a 200 day moving average of $18.22.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on SOC shares. BWS Financial restated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Wednesday. Jefferies Financial Group lifted their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Benchmark reiterated a "buy" rating and issued a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. Finally, Johnson Rice began coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They set a "buy" rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, Sable Offshore has a consensus rating of "Moderate Buy" and a consensus price target of $25.00.

Sable Offshore Company 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.