Y Intercept Hong Kong Ltd Takes $433,000 Position in Sable Offshore Corp. $SOC

Y Intercept Hong Kong Ltd purchased a new position in Sable Offshore Corp. (NYSE:SOC) in the second quarter, Holdings Channel reports. The fund purchased 19,704 shares of the company’s stock, valued at approximately $433,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in Sable Offshore in the 1st quarter valued at approximately $295,000. Arizona State Retirement System grew its holdings in shares of Sable Offshore by 34.8% during the 1st quarter. Arizona State Retirement System now owns 12,778 shares of the company’s stock valued at $324,000 after acquiring an additional 3,297 shares in the last quarter. KLP Kapitalforvaltning AS increased its stake in shares of Sable Offshore by 101.6% in the first quarter. KLP Kapitalforvaltning AS now owns 12,700 shares of the company’s stock worth $322,000 after acquiring an additional 6,400 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of Sable Offshore in the first quarter worth $1,392,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Sable Offshore by 15.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,419 shares of the company’s stock worth $417,000 after acquiring an additional 2,200 shares in the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

Sable Offshore Trading Up 9.6%

NYSE SOC opened at $5.31 on Friday. Sable Offshore Corp. has a 1 year low of $4.58 and a 1 year high of $35.00. The company has a fifty day simple moving average of $17.59 and a 200 day simple moving average of $22.87. The company has a market cap of $527.90 million, a P/E ratio of -1.56 and a beta of 0.46.

Sable Offshore (NYSE:SOC) last announced its earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Equities research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on SOC. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Benchmark lowered their price target on Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Roth Capital set a $26.00 price objective on Sable Offshore in a report on Monday. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.50.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the business’s 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 transaction, the insider owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 36.36% of the company’s stock.

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.