Two Seas Capital LP Sells 380,805 Shares of Sable Offshore Corp. $SOC

Two Seas Capital LP lowered its stake in Sable Offshore Corp. (NYSE:SOC) by 18.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,733,239 shares of the company’s stock after selling 380,805 shares during the period. Sable Offshore accounts for approximately 0.3% of Two Seas Capital LP’s holdings, making the stock its 21st biggest holding. Two Seas Capital LP’s holdings in Sable Offshore were worth $15,634,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. bought a new stake in Sable Offshore in the fourth quarter valued at $37,000. NewEdge Advisors LLC boosted its holdings in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares in the last quarter. Rathbones Group PLC bought a new stake in shares of Sable Offshore during the 4th quarter valued at $105,000. Mraz Amerine & Associates Inc. bought a new stake in shares of Sable Offshore during the 4th quarter valued at $123,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Sable Offshore by 2,673.7% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company’s stock valued at $135,000 after buying an additional 7,433 shares in the last quarter. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

SOC opened at $12.27 on Friday. The stock has a 50-day moving average price of $14.20 and a 200-day moving average price of $11.08. The firm has a market cap of $1.89 billion, a PE ratio of -2.87 and a beta of -0.22. Sable Offshore Corp. has a 1 year low of $3.72 and a 1 year high of $32.18.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. As a group, sell-side analysts anticipate that Sable Offshore Corp. will post 0.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SOC shares. Jefferies Financial Group dropped their target price on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, April 22nd. Wall Street Zen cut shares of Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday. Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Benchmark restated a “hold” rating on shares of Sable Offshore in a report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $22.00.

Insider Transactions at Sable Offshore

In other news, COO James Caldwell Flores sold 279,081 shares of Sable Offshore stock in a transaction dated Tuesday, March 31st. The stock was 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 owned 442,794 shares of the company’s stock, valued at $7,390,231.86. The trade was a 38.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gregory D. Patrinely sold 279,081 shares of Sable Offshore stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the executive vice president directly owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,077,406 shares of company stock valued at $17,202,083 in the last quarter. 36.36% of the stock is owned by insiders.

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.