FNY Investment Advisers LLC Sells 17,830 Shares of Sable Offshore Corp. (NYSE:SOC)

FNY Investment Advisers LLC lowered its stake in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 93.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,170 shares of the company's stock after selling 17,830 shares during the quarter. FNY Investment Advisers LLC's holdings in Sable Offshore were worth $26,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new stake in Sable Offshore during the 2nd quarter valued at approximately $2,154,000. Rhumbline Advisers acquired a new position in Sable Offshore during the 2nd quarter valued at $862,000. Amalgamated Bank acquired a new position in Sable Offshore during the 2nd quarter valued at $26,000. GM Advisory Group LLC acquired a new stake in Sable Offshore in the 2nd quarter worth $1,634,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Sable Offshore during the 2nd quarter worth about $324,000. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Price Performance

Shares of SOC traded up $0.24 during mid-day trading on Thursday, reaching $24.69. The company had a trading volume of 931,796 shares, compared to its average volume of 870,240. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. Sable Offshore Corp. has a twelve month low of $10.11 and a twelve month high of $28.67. The company's 50-day moving average is $22.48 and its 200-day moving average is $20.23.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Benchmark reissued a "buy" rating and set a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. Johnson Rice began coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a "buy" rating and a $30.00 price objective on the stock. Pickering Energy Partners assumed coverage on Sable Offshore in a research report on Tuesday, December 17th. They issued an "outperform" rating for the company. Finally, BWS Financial reiterated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average 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.