Capital International Investors Purchases 9,788,351 Shares of Sable Offshore Corp. $SOC

Key Points

• Capital International Investors boosted its stake in Sable Offshore by 542.6% in the fourth quarter, buying 9.79 million additional shares and ending with 11.59 million shares worth about $104.6 million.
• Sable Offshore reported weak quarterly results, posting a $1.37 EPS loss versus expectations for a smaller loss and revenue of just $1.27 million, far below the $16.1 million analysts expected.
• Sentiment on the stock remains mixed to bearish: analysts currently have a Hold consensus with a $22 target price, while several recent ratings were cut and insiders have also been selling shares.

Capital International Investors grew its position in Sable Offshore Corp. (NYSE:SOC - Free Report) by 542.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,592,407 shares of the company's stock after acquiring an additional 9,788,351 shares during the period. Capital International Investors owned 8.00% of Sable Offshore worth $104,564,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. NewEdge Advisors LLC raised its stake in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after acquiring an additional 650 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock valued at $761,000 after acquiring an additional 1,271 shares during the last quarter. Bleakley Financial Group LLC raised its stake in shares of Sable Offshore by 4.4% in the third quarter. Bleakley Financial Group LLC now owns 50,949 shares of the company's stock valued at $890,000 after acquiring an additional 2,167 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Sable Offshore by 65.1% in the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company's stock valued at $165,000 after acquiring an additional 2,960 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Sable Offshore in the fourth quarter valued at approximately $37,000. Institutional investors own 26.19% of the company's stock.

Sable Offshore Stock Performance

Shares of SOC stock opened at $13.16 on Tuesday. Sable Offshore Corp. has a 52-week low of $3.72 and a 52-week high of $32.18. The stock has a market cap of $2.03 billion, a PE ratio of -3.08 and a beta of -0.22. The firm's 50 day moving average price is $14.10 and its two-hundred day moving average price is $11.18.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $1.27 million for the quarter, compared to analysts' expectations of $16.10 million. As a group, sell-side analysts predict that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SOC. Jefferies Financial Group dropped their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a "buy" rating for the company in a research report on Wednesday, April 22nd. Wall Street Zen cut shares of Sable Offshore from a "hold" rating to a "sell" rating in a research report on Saturday. Roth Mkm set a $22.00 price objective on shares of Sable Offshore in a research report on Monday, June 1st. Zacks Research cut shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research report on Friday, April 24th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $22.00.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, EVP Gregory D. Patrinely sold 279,081 shares of the firm's stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the executive vice president directly owned 442,794 shares of the company's stock, valued at approximately $7,390,231.86. This trade represents a 38.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anthony Duenner sold 279,081 shares of the stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the insider owned 470,919 shares in the company, valued at approximately $7,859,638.11. This trade represents a 37.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,077,406 shares of company stock valued at $17,202,083. 36.36% of the stock is currently 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.

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