292,572 Shares in Sable Offshore Corp. (NYSE:SOC) Purchased by Emerald Advisers LLC

Emerald Advisers LLC acquired a new stake in shares of Sable Offshore Corp. (NYSE:SOC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 292,572 shares of the company’s stock, valued at approximately $6,700,000.

Several other institutional investors also recently bought and sold shares of SOC. JPMorgan Chase & Co. grew its stake in shares of 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 acquiring an additional 72,694 shares during the period. Americana Partners LLC bought a new stake in Sable Offshore during the fourth quarter valued at about $309,000. Y Intercept Hong Kong Ltd purchased a new position in Sable Offshore in the 4th quarter worth approximately $354,000. Bleakley Financial Group LLC purchased a new position in Sable Offshore during the fourth quarter valued at $1,562,000. Finally, Barclays PLC increased its holdings in shares of Sable Offshore by 342.9% in the third quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after purchasing an additional 60,065 shares during the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SOC has been the subject of a number of analyst reports. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a report on Tuesday. BWS Financial reiterated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, Pickering Energy Partners started coverage on Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, Sable Offshore currently has an average rating of “Moderate Buy” and an average price target of $26.25.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $25.08 on Friday. The firm’s 50-day moving average price is $25.88 and its 200 day moving average price is $23.58. Sable Offshore Corp. has a twelve month low of $10.11 and a twelve month high of $32.33. 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 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.