Sable Offshore Corp. $SOC Stake Reduced by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. significantly reduced its stake in Sable Offshore Corp. by 89.7%, selling 2,868,621 shares and holding only 329,545 shares worth approximately $8.36 million post-sale.
• Vanguard Group Inc. and Invesco Ltd. have both increased their positions in Sable Offshore, with Vanguard acquiring an additional 199,366 shares and Invesco increasing its stake by 696.9%.
• Sable Offshore's stock currently trades at $22.75, with a 12-month price range between $16.26 and $35.00, and the company reported a quarterly loss of ($1.10) EPS for its latest earnings results.

Adage Capital Partners GP L.L.C. cut its position in Sable Offshore Corp. (NYSE:SOC - Free Report) by 89.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 329,545 shares of the company's stock after selling 2,868,621 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.37% of Sable Offshore worth $8,361,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Clough Capital Partners L P purchased a new position in shares of Sable Offshore in the first quarter valued at $1,491,000. Penn Capital Management Company LLC purchased a new position in shares of Sable Offshore in the first quarter valued at $444,000. SVB Wealth LLC purchased a new position in shares of Sable Offshore in the first quarter valued at $29,000. Capital Fund Management S.A. raised its position in shares of Sable Offshore by 19.1% in the 1st quarter. Capital Fund Management S.A. now owns 120,724 shares of the company's stock valued at $3,063,000 after purchasing an additional 19,382 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Sable Offshore in the 1st quarter valued at approximately $48,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Stock Performance

Shares of SOC stock traded up $4.54 on Wednesday, hitting $24.60. 10,877,362 shares of the stock traded hands, compared to its average volume of 2,299,064. Sable Offshore Corp. has a 1-year low of $16.26 and a 1-year high of $35.00. The company's fifty day moving average is $26.75 and its 200 day moving average is $24.86.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.44). As a group, equities research analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the company a "buy" rating in a research note on Friday, May 23rd. BWS Financial reiterated a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a research note on Tuesday, May 13th. Finally, Benchmark increased their price objective on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $30.00.

Insider Activity

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the sale, the insider directly owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. This represents a 1.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 36.36% of the company's stock.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.