JPMorgan Chase & Co. Acquires 72,694 Shares of Sable Offshore Corp. (NYSE:SOC)

JPMorgan Chase & Co. increased its position in Sable Offshore Corp. (NYSE:SOC - Free Report) by 153.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,032 shares of the company's stock after buying an additional 72,694 shares during the period. JPMorgan Chase & Co. owned 0.13% of Sable Offshore worth $2,836,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SOC. Himalaya Capital Management LLC purchased a new stake in shares of Sable Offshore in the third quarter worth about $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 purchasing an additional 677,426 shares during the last quarter. GM Advisory Group LLC lifted its stake in shares of Sable Offshore by 370.3% in the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company's stock valued at $12,051,000 after purchasing an additional 401,559 shares during the last quarter. Barclays PLC boosted its holdings in shares of Sable Offshore by 342.9% in the 3rd quarter. Barclays PLC now owns 77,583 shares of the company's stock worth $1,832,000 after purchasing an additional 60,065 shares during the period. Finally, Rhumbline Advisers bought a new position in shares of Sable Offshore during the 2nd quarter valued at approximately $862,000. 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 recent analyst reports. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an "outperform" rating for the company. Benchmark reiterated a "buy" rating and set a $37.00 price target on shares of Sable Offshore in a report on Monday, October 7th. Johnson Rice assumed coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price objective on the stock. Finally, BWS Financial restated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.00.

Sable Offshore Trading Up 6.7 %

Shares of Sable Offshore stock traded up $1.64 on Tuesday, hitting $26.14. 1,116,637 shares of the company traded hands, compared to its average volume of 884,611. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. The stock's 50 day moving average price is $22.53 and its 200-day moving average price is $20.42. Sable Offshore Corp. has a 52 week low of $10.11 and a 52 week high of $28.67.

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.