Ballentine Partners LLC Grows Position in Sable Offshore Corp. $SOC

Key Points

• Ballentine Partners LLC increased its stake in Sable Offshore Corp. by 101.4%, owning 33,735 shares valued at $741,000 following a purchase of 16,984 additional shares in Q2.
• Sable Offshore reported a loss of ($1.10) earnings per share for the last quarter, falling short of analysts' estimates of ($0.66) by $0.44.
• Insider selling occurred as major shareholder Global Icav Pilgrim sold 167,175 shares for over $3.67 million, holding a remaining stake valued at approximately $218.34 million.

Ballentine Partners LLC raised its holdings in Sable Offshore Corp. (NYSE:SOC - Free Report) by 101.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,735 shares of the company's stock after acquiring an additional 16,984 shares during the period. Ballentine Partners LLC's holdings in Sable Offshore were worth $741,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. SVB Wealth LLC purchased a new position in shares of Sable Offshore during the 1st quarter valued at about $29,000. Quantbot Technologies LP purchased a new position in shares of Sable Offshore during the 1st quarter valued at about $48,000. NewEdge Advisors LLC raised 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. US Bancorp DE raised its holdings in shares of Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company's stock valued at $83,000 after buying an additional 1,258 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Sable Offshore by 3,686.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,430 shares of the company's stock valued at $112,000 after buying an additional 4,313 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company's stock.

Sable Offshore Price Performance

Shares of NYSE SOC opened at $19.75 on Friday. Sable Offshore Corp. has a 1-year low of $16.26 and a 1-year high of $35.00. The stock's 50-day moving average is $26.50 and its 200 day moving average is $24.59.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). Equities research analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm's stock in a transaction dated 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 transaction, the insider directly owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 36.36% of the company's stock.

About Sable Offshore

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.

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