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Posts Tagged ‘EDC’

Restraining order on Sable denied; EDC calls for “All Hands on Deck;” hedge funds are buying Sable shares

Posted in California, Offshore Energy - General, tagged , , , , on April 22, 2025| Leave a Comment »

The roller coaster ride continues!

From the Santa Barbara Independent:

California Attorney General Rob Bonta unsuccessfully requested that a Santa Barbara Superior Court judge issue a temporary restraining order on the Texas-based oil company for defying a cease-and-desist order issued last week by the California Coastal Commission.

Initially, Judge Anderle planned on granting the restraining order at Bonta’s request in his tentative ruling. However, his opinion changed after reading Sable’s opposition documents in the courtroom on April 17. 

Arguments for a preliminary injunction will be heard on May 14. 

Meanwhile, in an “All Hands on Deck” message to their mailing list, the Environmental Defense Center (EDC) predicts doom and gloom unless supporters answer their fundraising call:

This fight is now in a critical phase. We need your help to ensure EDC can continue to present the strongest defense against Sable’s dangerous proposal.

EDC photo

Lastly, Market Beat reports the following large purchases of Sable shares. Those investors better have a high risk tolerance!

  • Harraden Circle Investments LLC bought 220,000 shares of Sable Offshore stock. Sable now accounts for approximately 4.6% of Harraden’s investment portfolio, making the stock its 9th largest position.
  • State Street Corp boosted its stake in shares of Sable by 74.3% during the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock after acquiring an additional 677,426 shares in the last quarter.
  • Vanguard Group Inc. boosted its holdings in Sable Offshore by 23.6% in the 4th quarter. Vanguard now owns 3,486,126 shares of the company’s stock.
  • Emerald Advisers LLC bought a new stake in shares of Sable Offshore in the fourth quarter valued at about $6,700,000.
  • Bridgewater Associates LP acquired a new position in Sable Offshore in the 4th quarter valued at approximately $4,693,000.
  • Renaissance Technologies LLC grew its holdings in shares of Sable Offshore by 313.8% during the 4th quarter. Renaissance now owns 269,800 shares of the company’s stock worth $6,178,000 after purchasing an additional 204,600 shares in the last quarter.

26.19% of Sable’s stock is owned by hedge funds and other institutional investors.

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