Sable Offshore (NYSE:SOC) Insider Anthony Duenner Sells 279,081 Shares

Sable Offshore Corp. (NYSE:SOC) insider Anthony Duenner sold 279,081 shares of the business’s stock in a transaction on 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 sale, the insider directly owned 470,919 shares in the company, valued at approximately $7,859,638.11. This represents a 37.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Sable Offshore Price Performance

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

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share (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 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC increased its position in Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after acquiring an additional 5,091,925 shares in the last quarter. 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 worth $104,564,000 after acquiring an additional 9,788,351 shares during the last quarter. Alyeska Investment Group L.P. lifted its position in shares of 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 purchasing an additional 10,400,275 shares in the last quarter. FourWorld Capital Management LLC bought a new stake in shares of Sable Offshore during the fourth quarter valued at approximately $73,113,000. Finally, Vanguard Group Inc. grew its stake in shares of Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. Institutional investors and hedge funds 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.