Corebridge Financial Inc. Cuts Position in Sable Offshore Corp. (NYSE:SOC)

Corebridge Financial Inc. trimmed its holdings in shares of Sable Offshore Corp. (NYSE:SOC) by 7.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 25,088 shares of the company’s stock after selling 1,893 shares during the period. Corebridge Financial Inc.’s holdings in Sable Offshore were worth $575,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Sable Offshore by 23.6% during the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after buying an additional 665,407 shares in the last quarter. State Street Corp increased its holdings in shares of Sable Offshore by 74.3% during the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after acquiring an additional 677,426 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Sable Offshore by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock worth $24,844,000 after purchasing an additional 26,934 shares during the last quarter. GM Advisory Group LLC boosted its stake in Sable Offshore by 17.6% in the 4th quarter. GM Advisory Group LLC now owns 600,000 shares of the company’s stock worth $13,740,000 after purchasing an additional 90,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Sable Offshore by 27.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 493,042 shares of the company’s stock valued at $11,291,000 after purchasing an additional 107,475 shares during the last quarter. 26.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

SOC has been the topic of several analyst reports. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating on the stock. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Mkm started coverage on Sable Offshore in a research note on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Roth Capital set a $30.00 price objective on Sable Offshore in a research report on Thursday, March 27th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.50.

Sable Offshore Stock Down 1.8 %

SOC stock opened at $18.11 on Tuesday. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore Corp. has a 1 year low of $10.11 and a 1 year high of $32.33. The stock’s fifty day moving average price is $25.61 and its 200-day moving average price is $23.66.

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.