Renaissance Technologies LLC Buys 204,600 Shares of Sable Offshore Corp. (NYSE:SOC)

Renaissance Technologies LLC boosted its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 313.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 269,800 shares of the company's stock after purchasing an additional 204,600 shares during the period. Renaissance Technologies LLC owned about 0.30% of Sable Offshore worth $6,178,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SOC. Legal & General Group Plc boosted its holdings in shares of Sable Offshore by 7.2% in the 4th quarter. Legal & General Group Plc now owns 43,284 shares of the company's stock worth $991,000 after acquiring an additional 2,890 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Sable Offshore by 2.7% during the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company's stock worth $596,000 after purchasing an additional 679 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Sable Offshore by 123.4% in the fourth quarter. Wells Fargo & Company MN now owns 34,721 shares of the company's stock valued at $795,000 after buying an additional 19,178 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Sable Offshore by 16.9% in the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock valued at $28,155,000 after buying an additional 177,971 shares during the last quarter. Finally, Diametric Capital LP acquired a new position in Sable Offshore during the 4th quarter worth about $479,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Price Performance

Sable Offshore stock traded up $0.49 during midday trading on Thursday, hitting $19.03. 170,518 shares of the stock were exchanged, compared to its average volume of 1,103,369. The company has a fifty day simple moving average of $23.86 and a two-hundred day simple moving average of $23.17. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore Corp. has a 52 week low of $10.26 and a 52 week high of $32.33.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business's stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now directly owns 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. The trade was a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 14.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Roth Mkm began coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 target price on the stock. BWS Financial reaffirmed a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, March 18th. Benchmark restated a "buy" rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Roth Capital set a $30.00 price target on Sable Offshore in a research note on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Sable Offshore presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.50.

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.