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 dated 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 completion of the transaction, the executive vice president directly owned 442,794 shares of the company’s stock, valued at $7,390,231.86. The trade was a 38.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Sable Offshore Trading Down 0.1%

Shares of SOC stock opened at $15.36 on Friday. Sable Offshore Corp. has a 12-month low of $3.72 and a 12-month high of $35.00. The business’s 50 day moving average is $12.13 and its two-hundred day moving average is $11.35. The company has a market capitalization of $2.26 billion, a P/E ratio of -3.66 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. On average, research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Finally, Jefferies Financial Group raised their price target on shares of Sable Offshore from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, March 30th. Three 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 stock presently has an average rating of “Hold” and a consensus target price of $19.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. purchased a new position in Sable Offshore during the fourth quarter worth approximately $37,000. Aster Capital Management DIFC Ltd grew its stake in shares of Sable Offshore by 263.2% in the 4th 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 period. NewEdge Advisors LLC increased its holdings 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 worth $62,000 after buying an additional 650 shares during the last quarter. Williams Jones Wealth Management LLC. purchased a new stake in shares of Sable Offshore during the 4th quarter valued at approximately $90,000. Finally, Kestra Advisory Services LLC acquired a new position in Sable Offshore in the fourth quarter valued at approximately $97,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.