Freestone Capital Holdings LLC Makes New $687,000 Investment in Sable Offshore Corp. (NYSE:SOC)

Freestone Capital Holdings LLC acquired a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 30,000 shares of the company's stock, valued at approximately $687,000.

Several other institutional investors and hedge funds also recently made changes to their positions in SOC. Himalaya Capital Management LLC bought a new stake in Sable Offshore in the third quarter worth $31,735,000. State Street Corp lifted its stake in shares of Sable Offshore by 74.3% in the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company's stock valued at $37,557,000 after acquiring an additional 677,426 shares during the last quarter. GM Advisory Group LLC boosted its holdings in Sable Offshore by 370.3% during the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company's stock valued at $12,051,000 after acquiring an additional 401,559 shares during the period. Charles Schwab Investment Management Inc. grew its position in Sable Offshore by 27.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 493,042 shares of the company's stock worth $11,291,000 after acquiring an additional 107,475 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Sable Offshore by 153.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company's stock worth $2,836,000 after purchasing an additional 72,694 shares during the period. Institutional investors own 26.19% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on SOC. Pickering Energy Partners started coverage on Sable Offshore in a research note on Tuesday, December 17th. They set an "outperform" rating for the company. Benchmark reissued a "buy" rating and issued a $37.00 target price on shares of Sable Offshore in a research note on Thursday, February 20th. Finally, BWS Financial restated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat, Sable Offshore has a consensus rating of "Moderate Buy" and an average target price of $26.25.

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Sable Offshore Price Performance

Shares of NYSE SOC traded down $1.55 during midday trading on Monday, hitting $22.61. 1,664,833 shares of the company traded hands, compared to its average volume of 1,487,723. Sable Offshore Corp. has a 12-month low of $10.11 and a 12-month high of $32.33. The stock has a 50-day moving average price of $25.63 and a 200 day moving average price of $23.08. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

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.