Cooper Creek Partners Management LLC has acquired a significant stake in Sable Offshore Corp. (NYSE:SOC), purchasing 1,113,062 shares valued at approximately $24.47 million during the second quarter, according to a recent filing with the Securities and Exchange Commission. This investment positions Cooper Creek as owning about 1.24% of the company.
Several institutional investors have also made notable adjustments to their holdings in Sable Offshore. For example, NewEdge Advisors LLC increased its position by 36.2% in the first quarter, now holding 2,448 shares worth $62,000 after acquiring an additional 650 shares. Similarly, SVB Wealth LLC entered a new position, investing approximately $29,000 in the same period.
Townsquare Capital LLC expanded its holdings by 12.3%, bringing its total to 11,338 shares valued at $288,000. In addition, US Bancorp DE raised its stake by 62.2%, owning 3,281 shares now worth $83,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. also grew its position by 4.4%, acquiring an additional 1,271 shares to reach a total of 29,991 shares valued at $761,000. Collectively, hedge funds and institutional investors currently hold 26.19% of Sable Offshore’s stock.
Sable Offshore’s stock price recently opened at $5.65, reflecting a 10.8% increase. Over the past year, the company’s shares have fluctuated significantly, hitting a low of $3.72 and a high of $35.00. The company’s market capitalization stands at approximately $819.02 million, with a price-to-earnings ratio of -1.73 and a beta of 0.51.
Analyst Ratings and Recent Share Activity
Recent evaluations from financial analysts provide a mixed outlook on Sable Offshore. The Jefferies Financial Group recently lowered its target price from $38.00 to $20.00, maintaining a “buy” rating. In contrast, Weiss Ratings has reiterated a “sell (d-)” rating, while Roth Capital continues to endorse a “buy” rating. Benchmark also revised its price target downward from $47.00 to $20.00, emphasizing its buy recommendation. Currently, five analysts rate the stock as a buy, whereas two have assigned a sell rating, resulting in an average rating of “Hold” and a consensus target price of $19.60, according to MarketBeat.com.
In related developments, major shareholder Global Icav Pilgrim purchased 982,645 shares on October 15, 2023, at an average price of $15.04 per share, totaling approximately $14.78 million. This transaction increased their holdings to 10,933,394 shares, valued at around $164.44 million, which represents a 9.88% increase in their position. Corporate insiders currently own 36.36% of Sable Offshore.
About Sable Offshore Corp.
Sable Offshore Corp. is engaged in oil and gas exploration and development in the United States, primarily operating through three platforms located in federal waters off the coast of California. The company manages 16 federal leases across approximately 76,000 acres, along with subsea pipelines that transport crude oil, natural gas, and produced water to onshore processing facilities.
For those interested in tracking further developments involving Sable Offshore, insights on hedge fund activities and insider trading are available through platforms such as HoldingsChannel.com and MarketBeat.com.
