Sable Offshore (NYSE:SOC) COO James Caldwell Flores Sells 279,081 Shares of 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 completion of the sale, the chief operating officer 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. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Sable Offshore Trading Up 4.5%

NYSE SOC opened at $15.36 on Friday. Sable Offshore Corp. has a 12 month low of $3.72 and a 12 month high of $35.00. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -3.66 and a beta of -0.10. The company’s 50 day moving average is $12.03 and its two-hundred day moving average is $11.48.

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SOC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Jefferies Financial Group boosted their target price on shares of Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, TD Cowen reiterated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. 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 company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.50.

Institutional Trading of Sable Offshore

Institutional investors have recently bought and sold shares of the stock. Alyeska Investment Group L.P. boosted its stake in Sable Offshore by 1,504.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after buying an additional 10,400,275 shares during the period. Capital International Investors raised its stake in shares of Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after acquiring an additional 9,788,351 shares during the period. FourWorld Capital Management LLC bought a new stake in shares of Sable Offshore in the 4th quarter worth about $73,113,000. Encompass Capital Advisors LLC boosted its stake in shares of Sable Offshore by 60.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after purchasing an additional 5,091,925 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the period. 26.19% of the stock is currently owned by 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.