Emerald Advisers LLC Makes New Investment in Sable Offshore Corp. (NYSE:SOC)

Emerald Advisers LLC acquired a new stake in Sable Offshore Corp. (NYSE:SOC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 292,572 shares of the company’s stock, valued at approximately $6,700,000. Emerald Advisers LLC owned 0.33% of Sable Offshore at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. IFP Advisors Inc bought a new position in shares of Sable Offshore during the fourth quarter worth approximately $81,000. ORG Wealth Partners LLC acquired a new position in Sable Offshore in the 4th quarter valued at $106,000. Salem Investment Counselors Inc. lifted its position in shares of Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after acquiring an additional 2,250 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Sable Offshore during the 4th quarter worth $144,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Sable Offshore by 31.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock worth $179,000 after purchasing an additional 1,830 shares during the period. Institutional investors own 26.19% of the company’s stock.

Analysts Set New Price Targets

SOC has been the subject of a number of recent analyst reports. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a report on Tuesday. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Tuesday, March 18th. Finally, Pickering Energy Partners initiated coverage on Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating for the company. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.25.

Sable Offshore Price Performance

Shares of NYSE:SOC opened at $25.08 on Friday. Sable Offshore Corp. has a one year low of $10.11 and a one year high of $32.33. The firm has a fifty day moving average price of $25.88 and a two-hundred day moving average price of $23.58. 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.