Summit Securities Group LLC Takes Position in Sable Offshore Corp. (NYSE:SOC)

Summit Securities Group LLC bought a new position in shares of Sable Offshore Corp. (NYSE:SOC) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,318 shares of the company’s stock, valued at approximately $53,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Sable Offshore by 31.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock worth $179,000 after purchasing an additional 1,830 shares during the period. Salem Investment Counselors Inc. grew its position in Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after buying an additional 2,250 shares in the last quarter. Rhumbline Advisers increased its stake in Sable Offshore by 5.0% during the fourth quarter. Rhumbline Advisers now owns 66,413 shares of the company’s stock valued at $1,521,000 after acquiring an additional 3,140 shares during the period. IFP Advisors Inc acquired a new position in Sable Offshore in the 4th quarter valued at approximately $81,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Sable Offshore by 9.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock worth $927,000 after acquiring an additional 3,531 shares during the period. Institutional investors own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of research reports. Roth Capital upgraded Sable Offshore to a “strong-buy” rating in a research report on Thursday. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating on the stock. Roth Mkm began coverage on shares of Sable Offshore in a research note on Thursday. They issued a “buy” rating and a $30.00 price objective for the company. BWS Financial reiterated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $27.00.

Sable Offshore Price Performance

Shares of NYSE SOC opened at $25.95 on Monday. Sable Offshore Corp. has a 52-week low of $10.11 and a 52-week high of $32.33. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The business has a fifty day moving average of $26.13 and a two-hundred day moving average of $23.76.

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.