SG Americas Securities LLC Raises Stock Position in Sable Offshore Corp. $SOC

SG Americas Securities LLC grew its holdings in Sable Offshore Corp. (NYSE:SOC) by 676.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 135,846 shares of the company’s stock after acquiring an additional 118,345 shares during the period. SG Americas Securities LLC owned about 0.09% of Sable Offshore worth $1,225,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Encompass Capital Advisors LLC raised its stake in shares of Sable Offshore by 83.8% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock valued at $108,845,000 after acquiring an additional 2,257,069 shares during the period. Vanguard Group Inc. raised its stake in shares of Sable Offshore by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company’s stock valued at $80,001,000 after acquiring an additional 108,504 shares during the period. State Street Corp raised its stake in shares of Sable Offshore by 16.1% in the 2nd quarter. State Street Corp now owns 3,035,292 shares of the company’s stock valued at $66,716,000 after acquiring an additional 420,433 shares during the period. Capital International Investors purchased a new position in shares of Sable Offshore in the 3rd quarter valued at $31,499,000. Finally, Bank of America Corp DE raised its stake in shares of Sable Offshore by 329.8% in the 2nd quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock valued at $24,715,000 after acquiring an additional 862,810 shares during the period. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research note 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 reaffirmed a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Jefferies Financial Group raised their price target on shares of Sable Offshore from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, March 30th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $19.50.

Insider Activity

In other news, COO James Caldwell Flores sold 279,081 shares of Sable Offshore stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the chief operating officer directly owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. The trade was a 38.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Anthony Duenner sold 279,081 shares of Sable Offshore stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the transaction, the insider directly owned 470,919 shares of the company’s stock, valued at $7,859,638.11. This trade represents a 37.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 837,243 shares of company stock valued at $13,973,586. Company insiders own 36.36% of the company’s stock.

Sable Offshore Price Performance

Shares of SOC stock opened at $14.34 on Wednesday. The firm has a market cap of $2.11 billion, a P/E ratio of -3.41 and a beta of -0.10. Sable Offshore Corp. has a 1-year low of $3.72 and a 1-year high of $35.00. The firm has a fifty day moving average of $12.30 and a two-hundred day moving average of $11.13.

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

Sable Offshore Company 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.