Aventail Capital Group LP Acquires 740,621 Shares of Sable Offshore Corp. $SOC

Aventail Capital Group LP grew its position in Sable Offshore Corp. (NYSE:SOC) by 141.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,264,639 shares of the company’s stock after buying an additional 740,621 shares during the period. Aventail Capital Group LP owned approximately 0.87% of Sable Offshore worth $11,407,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SOC. Guggenheim Capital LLC acquired a new position in shares of Sable Offshore during the 4th quarter worth about $102,000. FourWorld Capital Management LLC bought a new position in Sable Offshore in the 4th quarter valued at about $73,113,000. AQR Capital Management LLC increased its holdings in shares of Sable Offshore by 40.2% during the fourth quarter. AQR Capital Management LLC now owns 15,220 shares of the company’s stock worth $137,000 after purchasing an additional 4,363 shares during the period. Whitefort Capital Management LP bought a new position in shares of Sable Offshore during the fourth quarter worth approximately $17,235,000. Finally, Pertento Partners LLP acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $9,993,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Sable Offshore

In other news, COO James Caldwell Flores sold 39,311 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the sale, the chief operating officer directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 39,311 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the executive vice president owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 1,077,406 shares of company stock worth $17,202,083. 20.00% of the stock is currently owned by insiders.

Sable Offshore Trading Up 2.6%

Shares of NYSE:SOC opened at $10.25 on Thursday. Sable Offshore Corp. has a 12 month low of $3.72 and a 12 month high of $32.18. The stock has a market cap of $1.58 billion, a P/E ratio of -2.40 and a beta of -0.22. The company has a 50 day moving average of $13.40 and a 200 day moving average of $11.51.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) 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 analyst estimates of $16.10 million. On average, equities analysts forecast that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SOC has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Jefferies Financial Group reduced their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Finally, Roth Mkm set a $22.00 price target on shares of Sable Offshore in a research report on Monday, June 1st. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Sable Offshore presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Company 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.