Sable Offshore (NYSE:SOC) EVP Gregory Patrinely Sells 279,081 Shares of Stock

Sable Offshore Corp. (NYSE:SOC) EVP Gregory Patrinely sold 279,081 shares of the firm’s 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 sale, the executive vice president owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This trade represents a 38.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Sable Offshore Trading Up 4.5%

Shares of SOC opened at $15.36 on Friday. Sable Offshore Corp. has a twelve month low of $3.72 and a twelve month high of $35.00. The firm has a market capitalization of $2.26 billion, a P/E ratio of -3.66 and a beta of -0.10. The firm’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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. Analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current year.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Sable Offshore

Institutional investors and hedge funds have recently bought and sold shares of the stock. Whittier Trust Co. of Nevada Inc. acquired a new stake in Sable Offshore during the 4th quarter valued at $37,000. Aster Capital Management DIFC Ltd raised its holdings in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after acquiring an additional 3,790 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares in the last quarter. Williams Jones Wealth Management LLC. purchased a new stake in shares of Sable Offshore in the fourth quarter valued at $90,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Sable Offshore during the fourth quarter valued at $97,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.