Union Square Park Capital Management LLC Invests $2.38 Million in Sable Offshore Corp. $SOC

Union Square Park Capital Management LLC acquired a new stake in Sable Offshore Corp. (NYSE:SOC) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 136,500 shares of the company’s stock, valued at approximately $2,383,000. Sable Offshore accounts for 0.9% of Union Square Park Capital Management LLC’s portfolio, making the stock its 25th biggest holding.

Several other hedge funds also recently bought and sold shares of the company. Cooper Creek Partners Management LLC bought a new stake in Sable Offshore during the 2nd quarter worth approximately $24,465,000. Two Seas Capital LP bought a new position in Sable Offshore in the 2nd quarter valued at $9,708,000. Capital Fund Management S.A. boosted its holdings in Sable Offshore by 172.6% in the 2nd quarter. Capital Fund Management S.A. now owns 329,083 shares of the company’s stock valued at $7,233,000 after purchasing an additional 208,359 shares during the period. HUB Investment Partners LLC purchased a new position in shares of Sable Offshore during the 3rd quarter valued at $1,659,000. Finally, CenterBook Partners LP purchased a new position in shares of Sable Offshore during the 3rd quarter valued at $2,864,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Jefferies Financial Group restated a “buy” rating and issued a $28.00 target price on shares of Sable Offshore in a research note on Thursday, March 5th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $19.00.

Sable Offshore Stock Performance

NYSE SOC opened at $16.76 on Friday. Sable Offshore Corp. has a 52-week low of $3.72 and a 52-week high of $35.00. The company has a fifty day moving average of $10.33 and a 200-day moving average of $12.23. The company has a market capitalization of $2.43 billion, a P/E ratio of -3.99 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last released its earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. The firm had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. As a group, analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.