Corsair Capital Management L.P. Takes $591,000 Position in Sable Offshore Corp. (NYSE:SOC)

Corsair Capital Management L.P. bought a new position in Sable Offshore Corp. (NYSE:SOC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 25,000 shares of the company’s stock, valued at approximately $591,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Amalgamated Bank purchased a new position in shares of Sable Offshore in the second quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore in the 2nd quarter worth approximately $86,000. US Bancorp DE lifted its position in Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after purchasing an additional 3,758 shares during the last quarter. Covestor Ltd purchased a new stake in shares of Sable Offshore during the third quarter valued at approximately $130,000. Finally, Spartan Fund Management Inc. bought a new position in shares of Sable Offshore in the second quarter worth approximately $162,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was acquired at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now owns 8,791,001 shares in the company, valued at $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on SOC shares. Benchmark reissued a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a research report on Monday, October 7th. BWS Financial reiterated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Friday, November 15th. Jefferies Financial Group boosted their price target on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Johnson Rice began coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Sable Offshore currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Performance

Shares of SOC opened at $24.30 on Wednesday. Sable Offshore Corp. has a 1-year low of $10.11 and a 1-year high of $28.67. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The firm’s 50-day moving average price is $22.41 and its 200-day moving average price is $18.22.

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.