GM Advisory Group LLC Acquires 90,000 Shares of Sable Offshore Corp. (NYSE:SOC)

GM Advisory Group LLC increased its holdings in Sable Offshore Corp. (NYSE:SOC - Free Report) by 17.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 600,000 shares of the company's stock after purchasing an additional 90,000 shares during the quarter. Sable Offshore accounts for 0.8% of GM Advisory Group LLC's investment portfolio, making the stock its 27th biggest position. GM Advisory Group LLC owned 0.67% of Sable Offshore worth $13,740,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Intech Investment Management LLC purchased a new stake in shares of Sable Offshore during the third quarter valued at approximately $245,000. Charles Schwab Investment Management Inc. boosted its position in Sable Offshore by 6.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company's stock valued at $9,111,000 after buying an additional 21,794 shares during the period. Pekin Hardy Strauss Inc. bought a new stake in Sable Offshore in the 3rd quarter worth $659,000. BNP Paribas Financial Markets increased its position in shares of Sable Offshore by 127.5% in the third quarter. BNP Paribas Financial Markets now owns 35,413 shares of the company's stock valued at $837,000 after acquiring an additional 19,847 shares during the period. Finally, Corsair Capital Management L.P. bought a new position in shares of Sable Offshore during the third quarter valued at about $591,000. 26.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. BWS Financial restated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a report on Tuesday, March 18th. Benchmark reissued a "buy" rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Finally, Pickering Energy Partners started coverage on Sable Offshore in a research note on Tuesday, December 17th. They issued an "outperform" rating for the company. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $26.25.

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Sable Offshore Stock Performance

Sable Offshore stock traded down $0.87 during trading hours on Friday, hitting $25.08. 1,181,395 shares of the stock traded hands, compared to its average volume of 949,880. Sable Offshore Corp. has a one year low of $10.11 and a one year high of $32.33. The firm's 50-day moving average price is $25.88 and its two-hundred day moving average price is $23.59. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

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.