Himalaya Capital Management LLC Purchases Shares of 1,343,000 Sable Offshore Corp. (NYSE:SOC)

Himalaya Capital Management LLC acquired a new position in Sable Offshore Corp. (NYSE:SOC) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,343,000 shares of the company’s stock, valued at approximately $31,735,000. Sable Offshore accounts for 1.3% of Himalaya Capital Management LLC’s investment portfolio, making the stock its 8th biggest holding. Himalaya Capital Management LLC owned 2.07% of Sable Offshore at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of SOC. GM Advisory Group LLC boosted its position in Sable Offshore by 370.3% during the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Sable Offshore by 6.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock worth $9,111,000 after buying an additional 21,794 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Sable Offshore in the second quarter valued at about $2,154,000. Rhumbline Advisers purchased a new stake in shares of Sable Offshore during the 2nd quarter valued at about $862,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Sable Offshore by 9.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock worth $927,000 after acquiring an additional 3,531 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Trading Up 2.1 %

Shares of NYSE:SOC opened at $23.97 on Monday. Sable Offshore Corp. has a 12-month low of $10.11 and a 12-month 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. The company has a fifty day simple moving average of $22.31 and a 200 day simple moving average of $18.47.

Insider Activity

In other news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the acquisition, the insider now owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The trade was a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 14.30% of the company’s stock.

Analysts Set New Price Targets

SOC has been the subject of several recent research reports. Johnson Rice started coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective for the company. BWS Financial reaffirmed a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Jefferies Financial Group boosted 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, Benchmark restated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Sable Offshore currently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

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.