Harraden Circle Investments LLC Takes $5.04 Million Position in Sable Offshore Corp. (NYSE:SOC)

Harraden Circle Investments LLC purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 220,000 shares of the company’s stock, valued at approximately $5,038,000. Sable Offshore accounts for approximately 4.6% of Harraden Circle Investments LLC’s investment portfolio, making the stock its 9th biggest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in shares of Sable Offshore by 153.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock worth $2,836,000 after buying an additional 72,694 shares in the last quarter. Americana Partners LLC purchased a new position in Sable Offshore in the fourth quarter worth $309,000. Y Intercept Hong Kong Ltd acquired a new stake in Sable Offshore in the fourth quarter valued at $354,000. Emerald Advisers LLC acquired a new position in shares of Sable Offshore during the 4th quarter worth $6,700,000. Finally, Raymond James Financial Inc. purchased a new position in Sable Offshore in the fourth quarter valued at about $1,177,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SOC shares. BWS Financial reaffirmed a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Mkm assumed coverage on shares of Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target on the stock. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research note on Thursday, March 27th. Finally, Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

Sable Offshore Stock Performance

SOC opened at $20.22 on Friday. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $32.33. 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 business has a 50-day moving average of $24.59 and a two-hundred day moving average of $23.35.

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.