Sable Offshore (NYSE:SOC) EVP Sells $4,657,861.89 in Stock

Sable Offshore Corp. (NYSE:SOC) EVP Gregory Patrinely sold 279,081 shares of the company’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the executive vice president owned 442,794 shares in the company, valued at $7,390,231.86. This trade represents a 38.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Sable Offshore Stock Performance

Shares of NYSE SOC traded up $0.66 during trading on Thursday, reaching $15.36. The stock had a trading volume of 5,075,569 shares, compared to its average volume of 7,158,966. Sable Offshore Corp. has a fifty-two week low of $3.72 and a fifty-two week high of $35.00. The business’s 50-day moving average price is $11.97 and its 200-day moving average price is $11.45. The company has a market cap of $2.26 billion, a P/E ratio of -3.66 and a beta of -0.11.

Sable Offshore (NYSE:SOC) last posted its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.20. Analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Jefferies Financial Group increased their target price on shares of Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Finally, Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $19.50.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. raised its holdings in shares of Sable Offshore by 1,504.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after buying an additional 10,400,275 shares during the last quarter. Capital International Investors grew its holdings in shares of Sable Offshore by 542.6% during the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after buying an additional 9,788,351 shares during the last quarter. FourWorld Capital Management LLC purchased a new position in shares of Sable Offshore during the fourth quarter worth about $73,113,000. Encompass Capital Advisors LLC increased its position in Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after acquiring an additional 5,091,925 shares during the period. Finally, Vanguard Group Inc. raised its stake in Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after acquiring an additional 2,975,712 shares during the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.