PNC Financial Services Group Inc. Grows Stock Position in Sable Offshore Corp. $SOC

PNC Financial Services Group Inc. increased its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 3,686.3% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 4,430 shares of the company’s stock after acquiring an additional 4,313 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sable Offshore were worth $112,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Toronto Dominion Bank purchased a new position in Sable Offshore during the fourth quarter worth approximately $344,000. FNY Investment Advisers LLC lifted its position in Sable Offshore by 1,190.1% during the first quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company’s stock worth $382,000 after buying an additional 13,924 shares in the last quarter. Encompass Capital Advisors LLC lifted its position in Sable Offshore by 128.9% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock worth $32,060,000 after buying an additional 788,495 shares in the last quarter. California State Teachers Retirement System lifted its position in Sable Offshore by 29.0% during the fourth quarter. California State Teachers Retirement System now owns 31,856 shares of the company’s stock worth $730,000 after buying an additional 7,152 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in Sable Offshore during the first quarter worth approximately $295,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business’s stock in a transaction on Friday, July 18th. The stock was sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the completion of the transaction, the insider directly owned 9,933,394 shares of the company’s stock, valued at $218,336,000.12. The trade was a 1.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SOC. Roth Capital set a $37.00 price objective on Sable Offshore and gave the stock a “buy” rating in a research report on Friday, May 23rd. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a research report on Monday, May 26th. BWS Financial reiterated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, May 13th. Finally, Benchmark raised their target price on Sable Offshore from $37.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, May 20th. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

Sable Offshore Stock Down 3.6%

Shares of NYSE SOC opened at $27.7490 on Wednesday. Sable Offshore Corp. has a twelve month low of $14.90 and a twelve month high of $35.00. The stock has a fifty day simple moving average of $25.78 and a 200-day simple moving average of $24.99.

Sable Offshore (NYSE:SOC) last released its earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). As a group, analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

About Sable Offshore

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.