Avidian Wealth Enterprises LLC Sells 22,698 Shares of Sable Offshore Corp. (NYSE:SOC)

Avidian Wealth Enterprises LLC trimmed its position in shares of Sable Offshore Corp. (NYSE:SOC) by 33.2% in the third quarter, Holdings Channel reports. The fund owned 45,707 shares of the company’s stock after selling 22,698 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Sable Offshore were worth $1,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SOC. Amalgamated Bank acquired a new stake in Sable Offshore in the 2nd quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Sable Offshore in the 2nd quarter valued at approximately $86,000. US Bancorp DE raised its stake in Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after acquiring an additional 3,758 shares in the last quarter. Spartan Fund Management Inc. bought a new position in Sable Offshore during the 2nd quarter valued at about $162,000. Finally, Walleye Trading LLC bought a new position in shares of Sable Offshore in the first quarter valued at approximately $235,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on SOC shares. Johnson Rice assumed coverage on shares of Sable Offshore in a research report on Tuesday. They set a “buy” rating and a $30.00 price target on the stock. Jefferies Financial Group raised their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Benchmark restated a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Finally, BWS Financial started coverage on Sable Offshore in a report on Tuesday, October 8th. They issued a “sell” rating and a $6.00 price target for the company. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Trading Up 6.4 %

NYSE:SOC opened at $24.08 on Thursday. The business has a 50 day moving average price of $21.95 and a two-hundred day moving average price of $16.96. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48. Sable Offshore Corp. has a twelve month low of $10.11 and a twelve month high of $28.67.

Sable Offshore (NYSE:SOC) last released its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Equities analysts predict that Sable Offshore Corp. will post -3.95 earnings per share for the current year.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 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, with a total value of $15,000,000.00. Following the completion of the transaction, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 14.30% of the company’s stock.

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.