Legacy Wealth Advisors LLC Has $1.65 Million Holdings in Sable Offshore Corp. $SOC

Legacy Wealth Advisors LLC cut its holdings in shares of Sable Offshore Corp. (NYSE:SOC) by 72.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,000 shares of the company’s stock after selling 262,273 shares during the period. Sable Offshore comprises approximately 0.8% of Legacy Wealth Advisors LLC’s holdings, making the stock its 23rd largest holding. Legacy Wealth Advisors LLC owned approximately 0.07% of Sable Offshore worth $1,652,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SOC. Fifth Third Bancorp acquired a new position in Sable Offshore in the first quarter worth $29,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Sable Offshore in the fourth quarter valued at $37,000. Aster Capital Management DIFC Ltd raised its holdings in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after buying an additional 3,790 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in Sable Offshore during the 1st quarter worth about $88,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Price Performance

Shares of NYSE SOC opened at $4.34 on Friday. The company’s 50 day simple moving average is $9.94 and its 200 day simple moving average is $11.36. Sable Offshore Corp. has a fifty-two week low of $2.88 and a fifty-two week high of $32.18. The firm has a market capitalization of $669.92 million, a P/E ratio of -1.02 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $16.10 million. Sell-side analysts expect that Sable Offshore Corp. will post -0.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SOC shares. Roth Capital dropped their target price on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Jefferies Financial Group dropped their price objective on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Finally, Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Sable Offshore presently has a consensus rating of “Hold” and a consensus target price of $15.33.

Insider Activity

In other news, COO James Caldwell Flores sold 40,743 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total value of $543,104.19. Following the transaction, the chief operating officer directly owned 502,051 shares in the company, valued at $6,692,339.83. This trade represents a 7.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 40,743 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.33, for a total value of $543,104.19. Following the completion of the sale, the insider owned 530,176 shares of the company’s stock, valued at $7,067,246.08. This represents a 7.14% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 240,163 shares of company stock valued at $3,228,498 in the last 90 days. 20.00% of the stock is owned by company insiders.

Sable Offshore Profile

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.