Purpose Unlimited Inc. Makes New $1.08 Million Investment in Sable Offshore Corp. $SOC

Purpose Unlimited Inc. purchased a new stake in Sable Offshore Corp. (NYSE:SOC) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 119,558 shares of the company’s stock, valued at approximately $1,078,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore during the fourth quarter worth approximately $37,000. Aster Capital Management DIFC Ltd lifted its stake in 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 grew its holdings in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $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 4th quarter valued at approximately $90,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Sable Offshore in the 4th quarter valued at approximately $97,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Down 0.3%

Shares of SOC opened at $10.09 on Friday. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -2.36 and a beta of -0.22. Sable Offshore Corp. has a 52-week low of $3.72 and a 52-week high of $32.18. The stock has a 50 day moving average price of $13.24 and a 200 day moving average price of $11.54.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. On average, equities analysts anticipate that Sable Offshore Corp. will post 0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

SOC has been the topic of a number of analyst reports. Wall Street Zen lowered shares of Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Roth Mkm set a $22.00 price target on Sable Offshore in a research note on Monday, June 1st. Finally, Jefferies Financial Group decreased their price target on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $22.00.

Insider Activity

In other news, COO James Caldwell Flores sold 39,311 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the transaction, the chief operating officer directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of Sable Offshore stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the transaction, the insider directly owned 590,864 shares in the company, valued at $8,012,115.84. The trade was a 6.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 1,077,406 shares of company stock valued at $17,202,083. 20.00% of the stock is currently owned by company insiders.

Sable Offshore 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.