Sable Offshore Corp. $SOC Shares Sold by Garnet Equity Capital Holdings Inc.

Garnet Equity Capital Holdings Inc. cut its stake in Sable Offshore Corp. (NYSE:SOC) by 38.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 533,061 shares of the company’s stock after selling 337,339 shares during the period. Sable Offshore accounts for approximately 2.8% of Garnet Equity Capital Holdings Inc.’s portfolio, making the stock its 8th largest position. Garnet Equity Capital Holdings Inc.’s holdings in Sable Offshore were worth $11,717,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. NewEdge Advisors LLC grew its stake in shares of Sable Offshore by 36.2% during the 1st 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 period. SVB Wealth LLC acquired a new position in shares of Sable Offshore in the 1st quarter valued at about $29,000. Townsquare Capital LLC grew its holdings in shares of Sable Offshore by 12.3% during the 1st quarter. Townsquare Capital LLC now owns 11,338 shares of the company’s stock worth $288,000 after purchasing an additional 1,242 shares during the period. US Bancorp DE raised its holdings in Sable Offshore by 62.2% in the first quarter. US Bancorp DE now owns 3,281 shares of the company’s stock valued at $83,000 after buying an additional 1,258 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after buying an additional 1,271 shares during the period. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SOC shares. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Roth Capital reiterated a “buy” rating and issued a $22.00 target price on shares of Sable Offshore in a research note on Tuesday. Benchmark decreased their price target on Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, November 4th. Finally, Jefferies Financial Group reduced their target price on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $19.60.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were bought at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the acquisition, the insider owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.36% of the stock is currently owned by insiders.

Sable Offshore Stock Performance

SOC opened at $6.31 on Thursday. Sable Offshore Corp. has a 1-year low of $4.58 and a 1-year high of $35.00. The company has a 50-day moving average of $16.53 and a 200-day moving average of $22.63. The company has a market capitalization of $627.41 million, a P/E ratio of -1.86 and a beta of 0.46.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.44). As a group, sell-side analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.