Sable Offshore Corp. $SOC Shares Bought by Encompass Capital Advisors LLC

Encompass Capital Advisors LLC raised its stake in Sable Offshore Corp. (NYSE:SOC) by 60.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,489,241 shares of the company’s stock after acquiring an additional 5,091,925 shares during the quarter. Sable Offshore makes up approximately 5.0% of Encompass Capital Advisors LLC’s investment portfolio, making the stock its 3rd largest position. Encompass Capital Advisors LLC owned approximately 9.31% of Sable Offshore worth $121,673,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SOC. Whittier Trust Co. of Nevada Inc. acquired a new position in Sable Offshore in the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd raised its stake in shares of Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares during the period. NewEdge Advisors LLC raised 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 worth $62,000 after buying an additional 650 shares during the period. Williams Jones Wealth Management LLC. acquired a new position in shares of Sable Offshore during the 4th quarter worth approximately $90,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Sable Offshore during the 4th quarter worth approximately $97,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Sable Offshore news, COO James Caldwell Flores sold 39,311 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was 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 of the company’s stock, valued at $7,630,754.40. This trade represents a 6.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the sale, the insider directly owned 590,864 shares of the company’s stock, valued at $8,012,115.84. This trade represents a 6.24% 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 sold 1,077,406 shares of company stock valued at $17,202,083 in the last three months. 20.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SOC. Jefferies Financial Group reduced their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Roth Mkm set a $22.00 target price on Sable Offshore in a research note on Monday, June 1st. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Finally, Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Sable Offshore currently has a consensus rating of “Hold” and an average target price of $22.00.

Sable Offshore Stock Performance

NYSE SOC opened at $10.25 on Thursday. The business has a fifty day moving average price of $13.40 and a 200 day moving average price of $11.51. Sable Offshore Corp. has a one year low of $3.72 and a one year high of $32.18. The company has a market cap of $1.58 billion, a P/E ratio of -2.40 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. As a group, sell-side analysts predict that Sable Offshore Corp. will post 0.04 EPS for the current fiscal year.

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.