Cobalt Capital Management Inc. Buys 240,000 Shares of Sable Offshore Corp. $SOC

Cobalt Capital Management Inc. raised its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 1,200.0% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 260,000 shares of the company’s stock after purchasing an additional 240,000 shares during the period. Sable Offshore accounts for about 1.0% of Cobalt Capital Management Inc.’s investment portfolio, making the stock its 19th biggest holding. Cobalt Capital Management Inc.’s holdings in Sable Offshore were worth $2,345,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Capital International Investors lifted its position in shares of Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after acquiring an additional 9,788,351 shares in the last quarter. HUB Investment Partners LLC purchased a new position in shares of Sable Offshore in the third quarter valued at about $1,659,000. CenterBook Partners LP purchased a new position in shares of Sable Offshore in the third quarter valued at about $2,864,000. Union Square Park Capital Management LLC purchased a new position in shares of Sable Offshore in the third quarter valued at about $2,383,000. Finally, ANTIPODES PARTNERS Ltd purchased a new position in shares of Sable Offshore in the third quarter valued at about $6,752,000. Institutional investors own 26.19% of the company’s stock.

Analyst Upgrades and Downgrades

SOC has been the topic of several research analyst reports. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Roth Mkm set a $22.00 price objective on Sable Offshore in a research report on Monday, June 1st. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Finally, Jefferies Financial Group decreased their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Three investment 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $22.00.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, COO James Caldwell Flores sold 39,311 shares of the company’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 sale, the chief operating officer directly owned 562,740 shares in the company, valued at $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 company’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 sale, the executive vice president owned 562,740 shares in the company, valued at approximately $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,077,406 shares of company stock worth $17,202,083 over the last ninety days. Company insiders own 20.00% of the company’s stock.

Sable Offshore Price Performance

Shares of SOC stock opened at $10.25 on Thursday. Sable Offshore Corp. has a 1 year low of $3.72 and a 1 year high of $32.18. The stock’s 50 day simple moving average is $13.40 and its two-hundred day simple moving average is $11.51. The company has a market cap of $1.58 billion, a PE ratio of -2.40 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last issued 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 during the quarter, compared to analyst estimates of $16.10 million. Equities research analysts expect that Sable Offshore Corp. will post 0.04 EPS for the current year.

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.