Spartan Fund Management Inc. Decreases Stock Position in Sable Offshore Corp. (NYSE:SOC)

Spartan Fund Management Inc. cut its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 10.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,059 shares of the company’s stock after selling 700 shares during the quarter. Spartan Fund Management Inc.’s holdings in Sable Offshore were worth $139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Summit Securities Group LLC purchased a new stake in shares of Sable Offshore during the fourth quarter valued at approximately $53,000. IFP Advisors Inc bought a new stake in Sable Offshore during the 4th quarter valued at $81,000. ORG Wealth Partners LLC purchased a new stake in Sable Offshore during the 4th quarter valued at $106,000. Salem Investment Counselors Inc. grew its holdings in Sable Offshore by 81.8% in the 4th 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 during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Sable Offshore in the fourth quarter valued at about $144,000. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Stock Down 3.7 %

Shares of SOC stock opened at $18.66 on Wednesday. The business’s fifty day moving average is $24.10 and its 200 day moving average is $23.20. 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 twelve month low of $10.26 and a twelve month high of $32.33.

Insider Activity

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This represents a 1.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 14.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Roth Capital set a $30.00 target price on Sable Offshore in a research note on Thursday, March 27th. Roth Mkm assumed coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price objective on the stock. Benchmark restated a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, BWS Financial reiterated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $27.50.

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.