FNY Investment Advisers LLC Raises Stock Holdings in Sable Offshore Corp. $SOC

FNY Investment Advisers LLC grew its position in shares of Sable Offshore Corp. (NYSE:SOC) by 380.3% in the third quarter, Holdings Channel reports. The fund owned 88,490 shares of the company’s stock after buying an additional 70,068 shares during the quarter. FNY Investment Advisers LLC’s holdings in Sable Offshore were worth $1,545,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SOC. Penn Capital Management Company LLC increased its position in Sable Offshore by 24.2% in the third quarter. Penn Capital Management Company LLC now owns 37,130 shares of the company’s stock worth $648,000 after purchasing an additional 7,232 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in Sable Offshore by 2,673.7% during the third quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company’s stock valued at $135,000 after purchasing an additional 7,433 shares in the last quarter. GM Advisory Group LLC lifted its position in Sable Offshore by 1.0% during the third quarter. GM Advisory Group LLC now owns 1,023,149 shares of the company’s stock valued at $17,864,000 after purchasing an additional 9,794 shares during the last quarter. NewEdge Advisors LLC lifted its position in Sable Offshore by 846.7% during the third quarter. NewEdge Advisors LLC now owns 23,176 shares of the company’s stock valued at $405,000 after purchasing an additional 20,728 shares during the last quarter. Finally, Scientech Research LLC grew its stake in shares of Sable Offshore by 142.4% in the 3rd quarter. Scientech Research LLC now owns 37,978 shares of the company’s stock worth $663,000 after buying an additional 22,312 shares in the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

Sable Offshore Stock Down 2.2%

SOC stock opened at $16.85 on Thursday. Sable Offshore Corp. has a twelve month low of $3.72 and a twelve month high of $35.00. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of -4.01 and a beta of 0.43. The firm’s fifty day simple moving average is $10.75 and its two-hundred day simple moving average is $11.89.

Sable Offshore (NYSE:SOC) last announced its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.20. The firm had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million. As a group, equities research analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Wall Street Analyst Weigh In

SOC has been the topic of a number of research reports. TD Cowen restated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $28.00 price target on shares of Sable Offshore in a report on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, Roth Mkm restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Sable Offshore has a consensus rating of “Hold” and a consensus price target of $19.00.

Sable Offshore Profile

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.