Clarus Group Inc. Has $376,000 Stock Position in Sable Offshore Corp. $SOC

Key Points

• Clarus Group Inc. reduced its stake in Sable Offshore Corp. by 59.3%, holding 17,126 shares valued at $376,000 after selling 24,940 shares in the second quarter.
• Sable Offshore's stock price has declined by 10.8%, with the current share price at $21.84 and a significant drop from its fifty-two week high of $35.00.
• The company reported a loss of $1.10 per share for the most recent quarter, missing analysts' expectations, forecasted to post an EPS of -6.39 for the year.

Clarus Group Inc. decreased its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 59.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,126 shares of the company's stock after selling 24,940 shares during the period. Clarus Group Inc.'s holdings in Sable Offshore were worth $376,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of SOC. Ameriprise Financial Inc. acquired a new stake in Sable Offshore during the fourth quarter valued at $213,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Sable Offshore by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company's stock worth $658,000 after buying an additional 1,000 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Sable Offshore by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 14,211 shares of the company's stock worth $325,000 after buying an additional 4,675 shares during the last quarter. Toronto Dominion Bank acquired a new stake in shares of Sable Offshore in the fourth quarter worth about $344,000. Finally, California State Teachers Retirement System lifted its position in shares of Sable Offshore by 29.0% in the fourth quarter. California State Teachers Retirement System now owns 31,856 shares of the company's stock worth $730,000 after buying an additional 7,152 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Stock Down 10.8%

Shares of NYSE:SOC opened at $21.84 on Thursday. Sable Offshore Corp. has a fifty-two week low of $16.26 and a fifty-two week high of $35.00. The business has a 50-day moving average of $26.91 and a two-hundred day moving average of $24.63.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results 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). On average, equities analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business'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 completion of the transaction, the insider owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. The trade was a 1.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.36% of the stock is owned by corporate insiders.

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.

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