Corsair Capital Management L.P. Makes New $591,000 Investment in Sable Offshore Corp. (NYSE:SOC)

Corsair Capital Management L.P. bought a new stake in shares of Sable Offshore Corp. (NYSE:SOC) in the 3rd quarter, Holdings Channel reports. The firm bought 25,000 shares of the company’s stock, valued at approximately $591,000.

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

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 750,000 shares of Sable Offshore stock in a transaction on Thursday, September 19th. The stock was acquired at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the acquisition, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 14.30% of the stock is owned by company insiders.

Sable Offshore Trading Down 0.0 %

NYSE:SOC opened at $24.30 on Wednesday. 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 company has a 50 day simple moving average of $22.41 and a two-hundred day simple moving average of $18.22. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $28.67.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. BWS Financial reiterated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Friday, November 15th. Jefferies Financial Group upped their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Johnson Rice assumed coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Benchmark restated a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Sable Offshore currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

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.