Mission Wealth Management LP Acquires New Shares in Sable Offshore Corp. (NYSE:SOC)

Mission Wealth Management LP acquired a new stake in shares of Sable Offshore Corp. (NYSE:SOC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,788 shares of the company’s stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SOC. IFP Advisors Inc bought a new stake in Sable Offshore during the 4th quarter valued at $81,000. Y Intercept Hong Kong Ltd bought a new stake in Sable Offshore during the 4th quarter valued at $354,000. Ieq Capital LLC bought a new stake in Sable Offshore during the 4th quarter valued at $512,000. New York State Common Retirement Fund raised its stake in Sable Offshore by 34.8% during the 4th quarter. New York State Common Retirement Fund now owns 17,800 shares of the company’s stock valued at $408,000 after acquiring an additional 4,600 shares in the last quarter. Finally, Americana Partners LLC bought a new stake in Sable Offshore during the 4th quarter valued at $309,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Stock Performance

SOC opened at $23.11 on Friday. Sable Offshore Corp. has a one year low of $10.11 and a one year high of $32.33. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The stock’s fifty day moving average is $25.63 and its 200-day moving average is $22.90.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Benchmark reaffirmed a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Thursday, February 20th. BWS Financial reaffirmed a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Pickering Energy Partners initiated coverage on Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $26.25.

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.