Easterly Investment Partners LLC Purchases Shares of 232,000 Sable Offshore Corp. $SOC

Key Points

• Easterly Investment Partners disclosed a new fourth-quarter stake in Sable Offshore, buying 232,000 shares worth about $2.1 million, or roughly 0.16% of the company.
• Other institutional investors also adjusted positions, with notable buying from firms like Norges Bank and Geode Capital Management; overall, institutions and hedge funds own 26.19% of Sable Offshore.
• Analyst sentiment is mixed: the stock has a consensus rating of Hold with a $22 average target price, while recent insider sales and a weak earnings report added to pressure on the shares.

Easterly Investment Partners LLC purchased a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 232,000 shares of the company's stock, valued at approximately $2,093,000. Easterly Investment Partners LLC owned about 0.16% of Sable Offshore as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SOC. Norges Bank acquired a new position in shares of Sable Offshore during the 4th quarter valued at $7,273,000. Geode Capital Management LLC lifted its holdings in shares of Sable Offshore by 28.6% during the 4th quarter. Geode Capital Management LLC now owns 2,294,121 shares of the company's stock valued at $20,699,000 after acquiring an additional 510,188 shares in the last quarter. Penn Capital Management Company LLC lifted its holdings in shares of Sable Offshore by 53.1% during the 4th quarter. Penn Capital Management Company LLC now owns 56,860 shares of the company's stock valued at $513,000 after acquiring an additional 19,730 shares in the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Sable Offshore by 25.7% during the 4th quarter. Bleakley Financial Group LLC now owns 64,050 shares of the company's stock valued at $578,000 after acquiring an additional 13,101 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. acquired a new position in shares of Sable Offshore during the 4th quarter valued at $123,000. Institutional investors and hedge funds own 26.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Jefferies Financial Group reduced 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. Roth Mkm set a $22.00 target price on shares of Sable Offshore in a report on Monday. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a report on Friday, April 24th. Benchmark restated a "hold" rating on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Wall Street Zen upgraded shares of Sable Offshore from a "sell" rating to a "hold" rating in a report on Saturday, May 23rd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $22.00.

Insider Transactions at Sable Offshore

In other news, insider Anthony Duenner sold 39,312 shares of the business's stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the sale, the insider owned 590,864 shares of the company's stock, valued at approximately $8,012,115.84. The trade was a 6.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of the business's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the chief operating officer directly owned 562,740 shares of the company's stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 1,077,406 shares of company stock valued at $17,202,083. Insiders own 36.36% of the company's stock.

Sable Offshore Price Performance

Sable Offshore stock opened at $13.04 on Tuesday. Sable Offshore Corp. has a 12-month low of $3.72 and a 12-month high of $32.18. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of -3.05 and a beta of -0.22. The firm's fifty day moving average price is $14.48 and its 200 day moving average price is $10.90.

Sable Offshore (NYSE:SOC - Get Free Report) last released 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 company had revenue of $1.27 million for the quarter, compared to analysts' expectations of $16.10 million. Analysts forecast that Sable Offshore Corp. will post 0.86 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.