Mayflower Financial Advisors LLC Makes New Investment in Sable Offshore Corp. $SOC

Mayflower Financial Advisors LLC purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,657 shares of the company’s stock, valued at approximately $212,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. NewEdge Advisors LLC lifted its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the period. SVB Wealth LLC acquired a new stake in shares of Sable Offshore during the first quarter worth approximately $29,000. Townsquare Capital LLC increased its holdings in shares of Sable Offshore by 12.3% during the first quarter. Townsquare Capital LLC now owns 11,338 shares of the company’s stock worth $288,000 after buying an additional 1,242 shares in the last quarter. US Bancorp DE increased its holdings in shares of Sable Offshore by 62.2% during the first quarter. US Bancorp DE now owns 3,281 shares of the company’s stock worth $83,000 after buying an additional 1,258 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after buying an additional 1,271 shares in the last quarter. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $12.87 on Friday. The firm has a market cap of $1.28 billion, a P/E ratio of -3.79 and a beta of 0.51. The firm has a 50 day simple moving average of $20.18 and a 200 day simple moving average of $23.42. Sable Offshore Corp. has a fifty-two week low of $11.25 and a fifty-two week high of $35.00.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.44). On average, sell-side analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SOC shares. Roth Capital reaffirmed a “buy” rating and set a $28.00 price objective on shares of Sable Offshore in a report on Wednesday, October 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday. Six investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $28.20.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the stock in a transaction that occurred on Wednesday, October 15th. The stock was acquired at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the acquisition, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 36.36% of the stock is currently 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.