Two Seas Capital LP Purchases Shares of 158,518 Sable Offshore Corp. (NYSE:SOC)

Two Seas Capital LP bought a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 158,518 shares of the company's stock, valued at approximately $3,630,000. Sable Offshore comprises approximately 0.3% of Two Seas Capital LP's investment portfolio, making the stock its 24th largest position. Two Seas Capital LP owned about 0.18% of Sable Offshore at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SOC. Summit Securities Group LLC bought a new stake in shares of Sable Offshore in the fourth quarter valued at $53,000. IFP Advisors Inc purchased a new stake in shares of Sable Offshore during the 4th quarter valued at $81,000. ORG Wealth Partners LLC bought a new stake in Sable Offshore during the fourth quarter worth about $106,000. Salem Investment Counselors Inc. raised its stake in shares of Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock worth $114,000 after acquiring an additional 2,250 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Sable Offshore in the fourth quarter worth $144,000. Institutional investors own 26.19% of the company's stock.

Sable Offshore Trading Up 0.9 %

Shares of NYSE SOC traded up $0.17 during midday trading on Friday, reaching $19.78. The stock had a trading volume of 1,081,771 shares, compared to its average volume of 1,118,430. The stock has a 50-day moving average of $23.41 and a 200-day moving average of $23.19. Sable Offshore Corp. has a 12-month low of $10.26 and a 12-month high of $32.33. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SOC. Benchmark reiterated a "buy" rating on shares of Sable Offshore in a report on Tuesday, March 18th. BWS Financial reissued a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Capital set a $30.00 price target on shares of Sable Offshore in a research report on Thursday, March 27th. Finally, Roth Mkm assumed coverage on shares of Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.50.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business's stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the sale, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. The trade was a 1.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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.