Greenhaven Road Investment Management L.P. Sells 681,544 Shares of Sable Offshore Corp. $SOC

Greenhaven Road Investment Management L.P. lowered its position in shares of Sable Offshore Corp. (NYSE:SOC) by 70.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 289,345 shares of the company’s stock after selling 681,544 shares during the quarter. Sable Offshore accounts for about 0.7% of Greenhaven Road Investment Management L.P.’s investment portfolio, making the stock its 11th biggest holding. Greenhaven Road Investment Management L.P. owned about 0.20% of Sable Offshore worth $5,052,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. KBC Group NV acquired a new stake in Sable Offshore in the second quarter worth $46,000. NewEdge Advisors LLC grew its holdings in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the period. MAI Capital Management bought a new stake in shares of Sable Offshore in the 2nd quarter valued at $123,000. Whittier Trust Co. bought a new stake in shares of Sable Offshore in the 3rd quarter valued at $115,000. Finally, Ameritas Investment Partners Inc. raised its stake in Sable Offshore by 41.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,985 shares of the company’s stock worth $154,000 after buying an additional 2,041 shares during the period. Institutional investors own 26.19% of the company’s stock.

Analysts Set New Price Targets

SOC has been the topic of several recent analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $28.00 target price on shares of Sable Offshore in a report on Thursday, March 5th. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Finally, Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Sable Offshore currently has an average rating of “Hold” and a consensus target price of $19.00.

Sable Offshore Trading Down 2.2%

SOC opened at $16.85 on Thursday. The stock has a market capitalization of $2.44 billion, a P/E ratio of -4.01 and a beta of 0.43. Sable Offshore Corp. has a 12 month low of $3.72 and a 12 month high of $35.00. The firm’s fifty day simple moving average is $10.75 and its 200 day simple moving average is $11.89.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.20. The firm had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. On average, equities research analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal 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.