BBR Partners LLC Purchases New Stake in Sable Offshore Corp. (NYSE:SOC)

BBR Partners LLC purchased a new stake in shares of Sable Offshore Corp. (NYSE:SOC) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 15,000 shares of the company’s stock, valued at approximately $354,000.

Several other institutional investors have also added to or reduced their stakes in SOC. Amalgamated Bank acquired a new stake in Sable Offshore in the 2nd quarter worth about $26,000. US Bancorp DE lifted its holdings in shares of Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after acquiring an additional 3,758 shares during the last quarter. Covestor Ltd bought a new position in Sable Offshore in the 3rd quarter valued at approximately $130,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Sable Offshore in the 2nd quarter valued at approximately $86,000. Finally, Intech Investment Management LLC bought a new position in Sable Offshore in the 3rd quarter valued at approximately $245,000. 26.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SOC has been the subject of a number of recent analyst reports. Benchmark reissued a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. Johnson Rice initiated coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock. BWS Financial restated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday. Finally, Jefferies Financial Group lifted their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, Sable Offshore currently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Trading Down 1.6 %

NYSE:SOC opened at $23.92 on Thursday. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore Corp. has a 1-year low of $10.11 and a 1-year high of $28.67. The business has a 50 day moving average of $22.38 and a 200 day moving average of $18.26.

Insider Activity

In related news, major shareholder Global Icav Pilgrim bought 750,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were purchased at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. The trade was a 9.33 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 14.30% of the company’s stock.

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.