Sable Offshore Corp. (NYSE:SOC) Shares Purchased by GM Advisory Group LLC

GM Advisory Group LLC boosted its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 370.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 510,000 shares of the company's stock after acquiring an additional 401,559 shares during the period. GM Advisory Group LLC owned 0.79% of Sable Offshore worth $12,051,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of SOC. Sentry Investment Management LLC purchased a new stake in shares of Sable Offshore during the third quarter worth about $575,000. Bank of New York Mellon Corp purchased a new stake in Sable Offshore during the 2nd quarter worth approximately $2,154,000. Allspring Global Investments Holdings LLC purchased a new stake in Sable Offshore during the 3rd quarter worth approximately $406,000. Amalgamated Bank acquired a new position in Sable Offshore during the 2nd quarter valued at approximately $26,000. Finally, Walleye Trading LLC purchased a new position in shares of Sable Offshore in the first quarter worth $235,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SOC shares. Jefferies Financial Group upped their target price on Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. BWS Financial reiterated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a research note on Friday, November 15th. Johnson Rice began coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price objective for the company. Finally, Benchmark reaffirmed a "buy" rating and set a $37.00 target price on shares of Sable Offshore in a report on Monday, October 7th. One research 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, Sable Offshore has an average rating of "Moderate Buy" and an average price target of $25.00.

Sable Offshore Stock Up 4.6 %

SOC traded up $1.06 during midday trading on Friday, hitting $24.08. 1,005,962 shares of the company were exchanged, compared to its average volume of 581,659. The company's 50 day simple moving average is $22.43 and its 200 day simple moving average is $17.84. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore Corp. has a 1-year low of $10.11 and a 1-year high of $28.67.

Insider Buying and Selling

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

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.