Pekin Hardy Strauss Inc. Acquires Shares of 27,900 Sable Offshore Corp. (NYSE:SOC)

Pekin Hardy Strauss Inc. purchased a new position in Sable Offshore Corp. (NYSE:SOC - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,900 shares of the company's stock, valued at approximately $659,000.

A number of other large investors also recently modified their holdings of the company. GM Advisory Group LLC grew its position in Sable Offshore by 370.3% during the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company's stock worth $12,051,000 after buying an additional 401,559 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of 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 acquiring an additional 21,794 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore during the second quarter worth about $2,154,000. Rhumbline Advisers bought a new position in shares of Sable Offshore in the second quarter worth approximately $862,000. Finally, Emfo LLC purchased a new stake in Sable Offshore in the second quarter valued at approximately $371,000. 26.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Benchmark reissued a "buy" rating and issued a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. Johnson Rice started coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They issued a "buy" rating and a $30.00 target price for the company. Jefferies Financial Group increased their target price on Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Finally, BWS Financial restated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Sable Offshore has a consensus rating of "Moderate Buy" and an average price target of $25.00.

Insider Buying and Selling

In other news, major shareholder Global Icav Pilgrim bought 750,000 shares of the company's stock in a transaction dated Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 14.30% of the stock is owned by corporate insiders.

Sable Offshore Trading Up 1.0 %

Shares of SOC traded up $0.23 during trading hours on Monday, hitting $24.31. The company had a trading volume of 986,202 shares, compared to its average volume of 583,437. Sable Offshore Corp. has a 52-week low of $10.11 and a 52-week high of $28.67. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The stock's 50 day moving average price is $22.46 and its 200 day moving average price is $18.03.

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.