Monashee Investment Management LLC Reduces Stock Holdings in Sable Offshore Corp. (NYSE:SOC)

Monashee Investment Management LLC lowered its holdings in shares of Sable Offshore Corp. (NYSE:SOC) by 1.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 345,000 shares of the company’s stock after selling 5,000 shares during the quarter. Sable Offshore makes up approximately 1.1% of Monashee Investment Management LLC’s holdings, making the stock its 12th biggest position. Monashee Investment Management LLC owned about 0.39% of Sable Offshore worth $7,900,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SOC. JPMorgan Chase & Co. increased its position in Sable Offshore by 153.6% in the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock worth $2,836,000 after buying an additional 72,694 shares in the last quarter. Americana Partners LLC purchased a new stake in Sable Offshore in the 4th quarter worth approximately $309,000. Y Intercept Hong Kong Ltd bought a new stake in Sable Offshore during the 4th quarter worth approximately $354,000. Emerald Advisers LLC purchased a new position in Sable Offshore during the fourth quarter valued at approximately $6,700,000. Finally, Raymond James Financial Inc. bought a new position in shares of Sable Offshore in the fourth quarter worth approximately $1,177,000. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

Shares of SOC stock opened at $19.56 on Wednesday. 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 12-month low of $10.26 and a 12-month high of $32.33. The stock’s 50-day moving average price is $23.01 and its 200-day moving average price is $23.16.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the completion of the transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 14.30% of the stock is currently owned by company insiders.

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.