Sentry Investment Management LLC Makes New $575,000 Investment in Sable Offshore Corp. (NYSE:SOC)

Sentry Investment Management LLC acquired a new stake in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,354 shares of the company's stock, valued at approximately $575,000.

Several other institutional investors and hedge funds have also modified their holdings of SOC. Fayez Sarofim & Co purchased a new position in shares of Sable Offshore during the first quarter valued at approximately $32,880,000. Bank of New York Mellon Corp purchased a new position in Sable Offshore during the second quarter worth approximately $2,154,000. GM Advisory Group LLC purchased a new position in Sable Offshore during the second quarter worth approximately $1,634,000. Rhumbline Advisers purchased a new position in Sable Offshore during the second quarter worth approximately $862,000. Finally, Emfo LLC purchased a new position in Sable Offshore during the second quarter worth approximately $371,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

Analyst Upgrades and Downgrades

SOC has been the topic of a number of recent analyst reports. Jefferies Financial Group increased their price target on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, September 4th. BWS Financial initiated coverage on shares of Sable Offshore in a research note on Tuesday, October 8th. They set a "sell" rating and a $6.00 price target on the stock. Benchmark reaffirmed a "buy" rating and set a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. Finally, Johnson Rice initiated coverage on shares of Sable Offshore in a research note on Tuesday. They issued a "buy" rating and a $30.00 target price on the stock. One analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $25.00.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 750,000 shares of Sable Offshore stock in a transaction dated Thursday, September 19th. The shares were bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the transaction, the insider now owns 8,791,001 shares in the company, valued at $175,820,020. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 14.30% of the stock is owned by company insiders.

Sable Offshore Stock Performance

Shares of SOC stock traded down $0.21 during mid-day trading on Tuesday, reaching $22.65. The company's stock had a trading volume of 1,105,858 shares, compared to its average volume of 541,534. The company's 50 day simple moving average is $21.65 and its 200-day simple moving average is $16.83. Sable Offshore Corp. has a 12-month low of $10.11 and a 12-month high of $28.67. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($2.36). Research analysts predict that Sable Offshore Corp. will post -3.95 earnings per share for the current fiscal year.

Sable Offshore 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.