Ghisallo Capital Management LLC Sells 300,000 Shares of Sable Offshore Corp. (NYSE:SOC)

Ghisallo Capital Management LLC reduced its holdings in shares of Sable Offshore Corp. (NYSE:SOC) by 54.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 250,000 shares of the company’s stock after selling 300,000 shares during the period. Ghisallo Capital Management LLC’s holdings in Sable Offshore were worth $5,725,000 as of its most recent SEC filing.

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

Sable Offshore Price Performance

SOC opened at $19.78 on Friday. 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 52-week low of $10.26 and a 52-week high of $32.33. The business’s fifty day moving average is $23.41 and its 200-day moving average is $23.14.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. The trade was a 1.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SOC shares. Benchmark restated a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Capital set a $30.00 target price on shares of Sable Offshore in a research note on Thursday, March 27th. Roth Mkm began coverage on shares of Sable Offshore in a report on Thursday, March 27th. They set a “buy” rating and a $30.00 target price on the stock. Finally, BWS Financial reiterated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $27.50.

Sable Offshore Company 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.