Summit Securities Group LLC Acquires Shares of 2,318 Sable Offshore Corp. (NYSE:SOC)

Summit Securities Group LLC bought a new position in Sable Offshore Corp. (NYSE:SOC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,318 shares of the company’s stock, valued at approximately $53,000.

A number of other institutional investors also recently modified their holdings of the stock. EntryPoint Capital LLC acquired a new position in shares of Sable Offshore in the fourth quarter worth $737,000. Emerald Advisers LLC purchased a new position in Sable Offshore in the fourth quarter valued at about $6,700,000. Vanguard Group Inc. increased its position in Sable Offshore by 23.6% in the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after purchasing an additional 665,407 shares during the last quarter. LPL Financial LLC purchased a new stake in shares of Sable Offshore during the 4th quarter worth about $312,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Sable Offshore during the 4th quarter valued at about $144,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Analyst Upgrades and Downgrades

SOC has been the topic of a number of research reports. Roth Mkm initiated coverage on Sable Offshore in a report on Thursday. They issued a “buy” rating and a $30.00 price objective on the stock. BWS Financial restated a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating on the stock. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, Roth Capital upgraded Sable Offshore to a “strong-buy” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Sable Offshore has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Sable Offshore Stock Performance

NYSE:SOC opened at $25.95 on Monday. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $32.33. The company’s 50 day moving average is $26.13 and its 200-day moving average is $23.76. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

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.