Sable Offshore Corp. (NYSE:SOC) Stock Holdings Increased by Driehaus Capital Management LLC

Driehaus Capital Management LLC grew its position in shares of Sable Offshore Corp. (NYSE:SOC) by 57.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 487,096 shares of the company’s stock after buying an additional 178,606 shares during the period. Driehaus Capital Management LLC’s holdings in Sable Offshore were worth $11,154,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in Sable Offshore by 153.6% during the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock worth $2,836,000 after purchasing an additional 72,694 shares during the last quarter. Americana Partners LLC bought a new position in shares of Sable Offshore in the 4th quarter worth about $309,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Sable Offshore in the 4th quarter valued at about $354,000. Emerald Advisers LLC bought a new stake in shares of Sable Offshore during the 4th quarter valued at about $6,700,000. Finally, Raymond James Financial Inc. acquired a new stake in Sable Offshore during the fourth quarter worth about $1,177,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Analyst Upgrades and Downgrades

SOC has been the subject of several recent research reports. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Capital set a $30.00 price objective on Sable Offshore in a research note on Thursday, March 27th. Roth Mkm initiated coverage on Sable Offshore in a research note on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, BWS Financial reaffirmed a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, March 18th. One equities research 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 company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

Sable Offshore Stock Up 9.7 %

Shares of SOC opened at $23.00 on Friday. Sable Offshore Corp. has a one year low of $11.01 and a one year high of $32.33. The stock’s fifty day moving average is $21.79 and its 200-day moving average is $23.17. 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 (NYSE:SOC) last released its earnings results on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.63). Analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business’s stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the sale, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. The trade was a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.30% of the stock is owned by corporate insiders.

About Sable Offshore

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.