Himalaya Capital Management LLC Makes New Investment in Sable Offshore Corp. (NYSE:SOC)

Himalaya Capital Management LLC purchased a new stake in shares of Sable Offshore Corp. (NYSE:SOC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,343,000 shares of the company’s stock, valued at approximately $31,735,000. Sable Offshore accounts for approximately 1.3% of Himalaya Capital Management LLC’s portfolio, making the stock its 8th biggest holding.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on SOC shares. BWS Financial reaffirmed a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. Benchmark reaffirmed a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. Jefferies Financial Group boosted their target price on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Johnson Rice started coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Trading Up 2.1 %

SOC opened at $23.97 on Monday. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The stock has a 50-day moving average of $22.31 and a 200-day moving average of $18.47. Sable Offshore Corp. has a 52-week low of $10.11 and a 52-week high of $28.67.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now directly owns 8,791,001 shares in the company, valued at $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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 14.30% of the company’s stock.

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.