Deutsche Bank AG Reduces Stock Position in Sable Offshore Corp. $SOC

Deutsche Bank AG lowered its holdings in shares of Sable Offshore Corp. (NYSE:SOC) by 4.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,178 shares of the company’s stock after selling 2,063 shares during the quarter. Deutsche Bank AG’s holdings in Sable Offshore were worth $1,095,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. US Bancorp DE boosted its holdings in Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company’s stock valued at $83,000 after acquiring an additional 1,258 shares during the period. PNC Financial Services Group Inc. raised its position in Sable Offshore by 3,686.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,430 shares of the company’s stock valued at $112,000 after purchasing an additional 4,313 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Sable Offshore by 917.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,448 shares of the company’s stock valued at $148,000 after purchasing an additional 5,814 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in Sable Offshore during the 4th quarter valued at $213,000. Finally, Argent Advisors Inc. bought a new stake in Sable Offshore during the 1st quarter valued at $254,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the company’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the transaction, the insider directly owned 9,933,394 shares of the company’s stock, valued at $218,336,000.12. This represents a 1.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 36.36% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

SOC has been the subject of a number of research analyst reports. Roth Capital set a $37.00 target price on Sable Offshore and gave the company a “buy” rating in a research report on Friday, May 23rd. BWS Financial reaffirmed a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Benchmark lifted their target price on Sable Offshore from $37.00 to $47.00 and gave the company a “buy” rating in a research report on Tuesday, May 20th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Monday, May 26th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.33.

Sable Offshore Price Performance

SOC opened at $28.7650 on Friday. Sable Offshore Corp. has a 12 month low of $15.13 and a 12 month high of $35.00. The stock has a fifty day moving average price of $26.07 and a 200-day moving average price of $25.05.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.