Sable Offshore Corp. $SOC Shares Acquired by Encompass Capital Advisors LLC

Encompass Capital Advisors LLC grew its stake in Sable Offshore Corp. (NYSE:SOC) by 60.6% in the fourth quarter, Holdings Channel reports. The fund owned 13,489,241 shares of the company’s stock after purchasing an additional 5,091,925 shares during the period. Sable Offshore accounts for about 5.0% of Encompass Capital Advisors LLC’s portfolio, making the stock its 3rd largest holding. Encompass Capital Advisors LLC owned 0.09% of Sable Offshore worth $121,673,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 worth $761,000 after purchasing an additional 1,271 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Sable Offshore by 29.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock worth $715,000 after purchasing an additional 7,438 shares during the period. New York State Common Retirement Fund grew its holdings in shares of Sable Offshore by 25.3% during the 2nd quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock worth $490,000 after purchasing an additional 4,500 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Sable Offshore during the 2nd quarter worth $654,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Trading Up 2.6%

SOC opened at $10.25 on Thursday. The stock’s 50-day moving average price is $13.40 and its 200 day moving average price is $11.51. Sable Offshore Corp. has a 12-month low of $3.72 and a 12-month high of $32.18. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -2.40 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last posted its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. On average, research analysts forecast that Sable Offshore Corp. will post 0.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

SOC has been the subject of a number of research analyst reports. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Roth Mkm set a $22.00 price target on Sable Offshore in a report on Monday, June 1st. Finally, Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Three equities 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 stock. According to MarketBeat, Sable Offshore has an average rating of “Hold” and a consensus target price of $22.00.

Insider Buying and Selling

In related news, COO James Caldwell Flores sold 279,081 shares of the stock in a transaction dated 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 chief operating officer owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anthony Duenner sold 279,081 shares of the stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the insider directly owned 470,919 shares in the company, valued at approximately $7,859,638.11. The trade was a 37.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,077,406 shares of company stock valued at $17,202,083. Corporate insiders own 20.00% of the company’s stock.

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.