MetLife Investment Management LLC Boosts Holdings in Sable Offshore Corp. (NYSE:SOC)

MetLife Investment Management LLC grew its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 129.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,606 shares of the company’s stock after purchasing an additional 16,682 shares during the period. MetLife Investment Management LLC’s holdings in Sable Offshore were worth $700,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Amalgamated Bank bought a new stake in Sable Offshore during the 2nd quarter valued at approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore in the 2nd quarter valued at approximately $86,000. US Bancorp DE boosted its position in shares of Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after purchasing an additional 3,758 shares in the last quarter. Covestor Ltd purchased a new stake in Sable Offshore in the third quarter worth $130,000. Finally, Spartan Fund Management Inc. bought a new position in Sable Offshore in the second quarter worth $162,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Up 3.3 %

NYSE:SOC opened at $19.67 on Friday. The firm has a 50-day simple moving average of $21.96 and a two-hundred day simple moving average of $18.67. Sable Offshore Corp. has a fifty-two week low of $10.11 and a fifty-two week high of $28.67. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was purchased 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 directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 14.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on SOC shares. Benchmark restated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a report on Monday, October 7th. BWS Financial reissued a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research report on Wednesday, November 27th. Jefferies Financial Group upped their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Johnson Rice began coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price for the company. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sable Offshore presently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

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.