Ensign Peak Advisors Inc Invests $717,000 in Sable Offshore Corp. (NYSE:SOC)

Ensign Peak Advisors Inc acquired a new position in shares of Sable Offshore Corp. (NYSE:SOC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 31,300 shares of the company’s stock, valued at approximately $717,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SOC. Vanguard Group Inc. boosted its position in shares of Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after buying an additional 665,407 shares during the period. Emerald Advisers LLC acquired a new stake in Sable Offshore in the fourth quarter worth approximately $6,700,000. Harraden Circle Investments LLC acquired a new stake in Sable Offshore in the fourth quarter worth approximately $5,038,000. Bridgewater Associates LP acquired a new stake in Sable Offshore in the fourth quarter worth approximately $4,693,000. Finally, Renaissance Technologies LLC lifted its position in Sable Offshore by 313.8% in the fourth quarter. Renaissance Technologies LLC now owns 269,800 shares of the company’s stock worth $6,178,000 after purchasing an additional 204,600 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Stock Performance

Shares of NYSE:SOC opened at $28.84 on Friday. Sable Offshore Corp. has a one year low of $12.73 and a one year high of $32.33. The stock has a fifty day moving average of $22.27 and a 200-day moving average of $23.42. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Sable Offshore (NYSE:SOC) last announced its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The business had revenue of $78.00 million for the quarter, compared to the consensus estimate of $21.00 million. Research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business’s stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the sale, the insider now directly owns 10,100,569 shares of the company’s stock, valued at $256,251,435.53. The trade was a 1.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 14.30% of the company’s stock.

Analyst Ratings Changes

SOC has been the subject of a number of research analyst reports. Roth Capital set a $30.00 target price on Sable Offshore in a research report on Thursday, March 27th. Roth Mkm initiated coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price for the company. BWS Financial restated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday. Finally, Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.50.

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.