Insider Selling: Sable Offshore (NYSE:SOC) EVP Sells 39,311 Shares of Stock

Sable Offshore Corp. (NYSE:SOC) EVP Gregory Patrinely sold 39,311 shares of the stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the sale, the executive vice president directly owned 562,740 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sable Offshore Stock Performance

Shares of Sable Offshore stock traded up $0.40 on Thursday, hitting $14.34. The company had a trading volume of 2,970,250 shares, compared to its average volume of 3,492,546. The stock has a market capitalization of $2.11 billion, a price-to-earnings 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 stock has a 50 day moving average of $13.96 and a 200-day moving average of $10.49.

Sable Offshore (NYSE:SOC) last released its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.20. Equities analysts anticipate that Sable Offshore Corp. will post 1.47 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently made changes to their positions in the stock. Hsbc Holdings PLC bought a new position in shares of Sable Offshore in the first quarter worth $1,663,000. Kestra Advisory Services LLC boosted its holdings in shares of Sable Offshore by 211.2% in the first quarter. Kestra Advisory Services LLC now owns 33,521 shares of the company’s stock worth $554,000 after acquiring an additional 22,750 shares during the period. Lee Danner & Bass Inc. bought a new position in shares of Sable Offshore in the first quarter worth $1,156,000. Tactive Advisors LLC bought a new position in shares of Sable Offshore in the first quarter worth $748,000. Finally, Purpose Unlimited Inc. bought a new position in shares of Sable Offshore in the fourth quarter worth $1,078,000. 26.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SOC has been the subject of several recent analyst reports. Jefferies Financial Group reduced their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, April 22nd. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.00.

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.