Aventail Capital Group LP Raises Stock Position in Sable Offshore Corp. $SOC

Aventail Capital Group LP lifted its stake in shares of Sable Offshore Corp. (NYSE:SOC) by 141.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,264,639 shares of the company’s stock after buying an additional 740,621 shares during the period. Aventail Capital Group LP’s holdings in Sable Offshore were worth $11,407,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. NewEdge Advisors LLC increased its position in shares of Sable Offshore by 36.2% during the first 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Sable Offshore by 4.4% during 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 during the last quarter. Price T Rowe Associates Inc. MD grew its position in Sable Offshore by 3.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company’s stock valued at $559,000 after purchasing an additional 1,856 shares during the last quarter. Bleakley Financial Group LLC grew its position in Sable Offshore by 4.4% during the 3rd quarter. Bleakley Financial Group LLC now owns 50,949 shares of the company’s stock valued at $890,000 after purchasing an additional 2,167 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Sable Offshore by 65.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock valued at $165,000 after purchasing an additional 2,960 shares during the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SOC. Jefferies Financial Group cut their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Roth Mkm set a $22.00 target price on shares of Sable Offshore in a research note on Monday, June 1st. Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Finally, Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sable Offshore has a consensus rating of “Hold” and a consensus target price of $22.00.

Insiders Place Their Bets

In other news, COO James Caldwell Flores sold 279,081 shares of the business’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the chief operating officer directly owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. The trade was a 38.66% 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 this link. Also, EVP Gregory D. Patrinely sold 279,081 shares of the business’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the sale, the executive vice president directly owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,077,406 shares of company stock valued at $17,202,083 over the last three months. 20.00% of the stock is owned by company insiders.

Sable Offshore Stock Performance

Shares of SOC opened at $10.25 on Thursday. The company’s fifty day moving average is $13.40 and its 200 day moving average is $11.51. Sable Offshore Corp. has a fifty-two week low of $3.72 and a fifty-two week high of $32.18. The stock has a market capitalization of $1.58 billion, a PE ratio of -2.40 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. As a group, research analysts forecast that Sable Offshore Corp. will post 0.04 earnings per share 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.