Sable Offshore (NYSE:SOC) Insider Sells 279,081 Shares

Sable Offshore Corp. (NYSE:SOC) insider Anthony Duenner sold 279,081 shares of Sable Offshore stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the insider directly owned 470,919 shares of the company’s stock, valued at $7,859,638.11. The trade was a 37.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Sable Offshore Stock Performance

SOC stock traded up $0.66 during mid-day trading on Thursday, reaching $15.36. 5,075,569 shares of the stock traded hands, compared to its average volume of 7,158,966. Sable Offshore Corp. has a one year low of $3.72 and a one year high of $35.00. The stock has a market capitalization of $2.26 billion, a PE ratio of -3.66 and a beta of -0.11. The business has a 50-day moving average price of $11.97 and a two-hundred day moving average price of $11.45.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.20. On average, equities analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Institutional Trading of Sable Offshore

A number of hedge funds have recently added to or reduced their stakes in the business. Cooper Creek Partners Management LLC purchased a new position in Sable Offshore during the 2nd quarter valued at about $24,465,000. Two Seas Capital LP purchased a new stake in shares of Sable Offshore in the 2nd quarter worth approximately $9,708,000. HUB Investment Partners LLC bought a new position in shares of Sable Offshore during the third quarter valued at approximately $1,659,000. Union Square Park Capital Management LLC bought a new position in shares of Sable Offshore during the third quarter valued at approximately $2,383,000. Finally, CenterBook Partners LP purchased a new position in Sable Offshore during the third quarter valued at approximately $2,864,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.