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

Sable Offshore Corp. (NYSE:SOC) COO James Caldwell Flores sold 279,081 shares of the stock in a transaction that occurred 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 sale, the chief operating officer owned 442,794 shares in the company, valued at $7,390,231.86. This represents a 38.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Sable Offshore Stock Down 0.1%

NYSE SOC opened at $15.36 on Friday. The stock has a fifty day simple moving average of $12.13 and a 200 day simple moving average of $11.35. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -3.66 and a beta of -0.10. Sable Offshore Corp. has a twelve month low of $3.72 and a twelve month high of $35.00.

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

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Sable Offshore

Hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC increased its position in 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 buying an additional 650 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 shares of Sable Offshore by 3.1% during the fourth 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 in the last quarter. Bleakley Financial Group LLC grew its position in shares of Sable Offshore by 4.4% during the third 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 in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Sable Offshore by 65.1% in the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock worth $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.

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.