Sable Offshore (NYSE:SOC) Insider Sells $4,657,861.89 in Stock

Sable Offshore Corp. (NYSE:SOC) insider Anthony Duenner sold 279,081 shares of the stock in a transaction on 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 sale, the insider directly owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. This represents a 37.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Sable Offshore Stock Down 0.1%

NYSE SOC opened at $15.36 on Friday. The firm has a 50-day moving average price of $12.13 and a 200 day moving average price of $11.35. Sable Offshore Corp. has a 52-week low of $3.72 and a 52-week high of $35.00. The stock 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 announced its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.20. On average, equities research analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SOC shares. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Jefferies Financial Group lifted their price objective on Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, March 30th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, TD Cowen reiterated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Sable Offshore by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after purchasing an additional 1,271 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after acquiring an additional 650 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Sable Offshore by 22.0% during the 2nd quarter. Swiss National Bank now owns 105,300 shares of the company’s stock valued at $2,314,000 after acquiring an additional 19,000 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Sable Offshore by 29.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock worth $715,000 after purchasing an additional 7,438 shares during the period. Finally, Legal & General Group Plc raised its position in Sable Offshore by 28.1% in the second quarter. Legal & General Group Plc now owns 63,788 shares of the company’s stock valued at $1,402,000 after purchasing an additional 13,974 shares during the period. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.