Diametric Capital LP Makes New Investment in Sable Offshore Corp. (NYSE:SOC)

Diametric Capital LP acquired a new stake in Sable Offshore Corp. (NYSE:SOC) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 20,921 shares of the company’s stock, valued at approximately $479,000.

Several other institutional investors have also recently added to or reduced their stakes in SOC. Summit Securities Group LLC purchased a new stake in Sable Offshore in the 4th quarter valued at about $53,000. IFP Advisors Inc purchased a new position in shares of Sable Offshore during the 4th quarter worth about $81,000. ORG Wealth Partners LLC acquired a new stake in shares of Sable Offshore in the fourth quarter worth approximately $106,000. Salem Investment Counselors Inc. grew its holdings in Sable Offshore by 81.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after purchasing an additional 2,250 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Sable Offshore during the fourth quarter worth approximately $144,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Roth Capital upgraded shares of Sable Offshore to a “strong-buy” rating in a report on Thursday, March 27th. BWS Financial reaffirmed a “sell” rating and issued a $6.00 target price 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 research report on Tuesday, March 18th. Roth Mkm initiated coverage on Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Pickering Energy Partners initiated coverage on Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. One 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Sable Offshore Price Performance

NYSE:SOC opened at $25.43 on Tuesday. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $32.33. The business’s 50-day moving average is $26.15 and its two-hundred day moving average is $23.79. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

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.