Here are Some Updates on Sable Offshore (SOC)

Tourlite Capital Management, an investment management firm, released its third quarter 2024 investor letter, a copy of which can be downloaded here. Tourlite Fund, LP Founder Class returned 4.5% for Q3 2024 and 13.8% year-t0-date while the S&P 500 Index returned 5.9% and 9.3%, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Tourlite Capital Management highlighted stocks like Sable Offshore Corp. (NYSE:SOC) in the third quarter 2024 investor letter. Sable Offshore Corp. (NYSE:SOC) is an oil and gas exploration and development company. The one-month return of Sable Offshore Corp. (NYSE:SOC) was -17.17%, and its shares gained 76.39% of their value over the last 52 weeks. On December 5, 2024, Sable Offshore Corp. (NYSE:SOC) stock closed at $19.05 per share with a market capitalization of $1.697 billion.

Tourlite Capital Management stated the following regarding Sable Offshore Corp. (NYSE:SOC) in its Q3 2024 investor letter:

“We initiated a long position in Sable Offshore Corp. (NYSE:SOC) ahead of a key catalyst. Sable is an exploration and production (E&P) company that acquired an offshore asset from Exxon, located off the coast of California. The asset had been shut down following a pipeline spill. In July, SOC received approval from the California State Fire Marshall to restart the pipeline, but it still required permits from Santa Barbara County to install new safety valves. While there was market uncertainty about whether Sable would secure these permits, our research indicated that a settlement was likely, as Santa Barbara lacked the legal grounds to block the installation and the resources to contest a lawsuit from Sable. We will likely provide further updates on Sable in our fourth quarter letter.

Sable Offshore Corp. (NYSE:SOC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Sable Offshore Corp. (NYSE:SOC) at the end of the third quarter which was 11 in the previous quarter. While we acknowledge the potential of Sable Offshore Corp. (NYSE:SOC) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Sable Offshore Corp. (NYSE:SOC) and shared Greenhaven Road Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.