Sable Offshore (NYSE:SOC) Trading Down 7.6% on Insider Selling

Sable Offshore Corp. (NYSE:SOC) shares were down 7.6% during trading on Friday after an insider sold shares in the company. The stock traded as low as $13.60 and last traded at $13.2540. Approximately 298,560 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 6,252,967 shares. The stock had previously closed at $14.35.

Specifically, insider Anthony Duenner sold 39,312 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 value of $533,070.72. Following the completion of the sale, the insider directly owned 590,864 shares in the company, valued at $8,012,115.84. The trade was a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 40,743 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total value of $543,104.19. Following the sale, the insider owned 530,176 shares of the company’s stock, valued at $7,067,246.08. The trade was a 7.14% 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 related news, 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 directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analyst Upgrades and Downgrades

SOC has been the subject of several analyst reports. Wall Street Zen upgraded Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Benchmark restated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Jefferies Financial Group dropped their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, April 22nd. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Key Stories Impacting Sable Offshore

Here are the key news stories impacting Sable Offshore this week:

• Positive Sentiment: Market momentum and editorial coverage: MarketBeat flagged Sable as “trading up” and published a feature highlighting a recent court ruling and other developments that may be viewed positively by investors. MarketBeat Court Ruling Story
• Neutral Sentiment: EVP Gregory D. Patrinely sold 39,311 shares on April 29 (avg. $13.56) and 40,743 on April 28 (avg. $13.33); filings state the sales were to satisfy tax withholding on vested awards and he continues to hold a substantial stake. Patrinely Form 4
• Neutral Sentiment: COO James Caldwell Flores sold 39,311 shares on April 29 (avg. $13.56) to cover tax-withholding on vested awards and remains a large shareholder. Flores Form 4
• Neutral Sentiment: Anthony Duenner (insider) sold 39,312 shares on April 29 and 40,743 on April 28 at similar prices; filings likewise cite tax-withholding on vested awards and he retains a significant position. Duenner Form 4
• Negative Sentiment: Analyst/ratings pressure: broker consensus is a “Hold” (per recent coverage) and some research notes are mixed—Weiss reiterating a sell, Wall Street Zen on sell, while Jefferies trimmed its price target (from $30 to $24) even as it kept a buy stance—these moves reduce upside visibility versus prior targets. Brokerage Consensus

Sable Offshore Trading Down 7.0%

The company has a fifty day simple moving average of $13.96 and a 200-day simple moving average of $10.49. The company has a market capitalization of $1.96 billion, a PE ratio of -3.16 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last issued its 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. On average, equities analysts predict that Sable Offshore Corp. will post 1.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

Several large investors have recently modified their holdings of the business. Encompass Capital Advisors LLC lifted its stake in shares of Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after purchasing an additional 5,091,925 shares during the last quarter. Capital International Investors lifted its stake in shares of Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after purchasing an additional 9,788,351 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after purchasing an additional 10,400,275 shares during the last quarter. FourWorld Capital Management LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at $73,113,000. Finally, Vanguard Group Inc. lifted its stake in shares of Sable Offshore by 64.9% in the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. 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.