FNY Investment Advisers LLC Sells 66,570 Shares of Sable Offshore Corp. $SOC

Key Points

• FNY Investment Advisers cut its stake in Sable Offshore by 75.2% in Q4, selling 66,570 shares and leaving 21,920 shares valued at about $197,000.
• Large insider selling: COO James Caldwell Flores and Anthony Duenner each sold 279,081 shares at $16.69 on March 31, and insiders have sold 837,243 shares (~$13.97M) in the last 90 days while owning 36.36% of the stock.
• Sable Offshore shares opened at $15.36, trade in a 52‑week range of $3.72–$35.00 with a $2.26B market cap; analysts' consensus is a Hold with a $19.50 price target after the company beat EPS estimates for the quarter.

FNY Investment Advisers LLC lowered its holdings in Sable Offshore Corp. (NYSE:SOC - Free Report) by 75.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,920 shares of the company's stock after selling 66,570 shares during the quarter. FNY Investment Advisers LLC's holdings in Sable Offshore were worth $197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. NewEdge Advisors LLC increased its holdings in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after buying an additional 650 shares in the last quarter. Whittier Trust Co. bought a new position in Sable Offshore during the 3rd quarter valued at about $115,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Sable Offshore by 2,673.7% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company's stock valued at $135,000 after acquiring an additional 7,433 shares during the last quarter. Mayflower Financial Advisors LLC boosted its holdings in shares of Sable Offshore by 38.3% during the 4th quarter. Mayflower Financial Advisors LLC now owns 18,188 shares of the company's stock valued at $164,000 after acquiring an additional 5,035 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew 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 worth $165,000 after acquiring an additional 2,960 shares during the period. 26.19% of the stock is owned by institutional investors.

Insider Transactions at Sable Offshore

In other news, COO James Caldwell Flores sold 279,081 shares of the business's stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the chief operating officer owned 442,794 shares of the company's stock, valued at $7,390,231.86. The trade was a 38.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Anthony Duenner sold 279,081 shares of the company's stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the sale, the insider owned 470,919 shares of the company's stock, valued at $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. Insiders have sold 837,243 shares of company stock worth $13,973,586 in the last 90 days. 36.36% of the stock is currently owned by insiders.

Sable Offshore Stock Down 0.1%

NYSE SOC opened at $15.36 on Friday. The company has a 50-day moving average price of $12.13 and a 200-day moving average price of $11.43. Sable Offshore Corp. has a 52 week low of $3.72 and a 52 week high of $35.00. The firm has a market capitalization of $2.26 billion, a P/E ratio of -3.66 and a beta of -0.10.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.20. As a group, equities research analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Jefferies Financial Group boosted their price objective on shares of Sable Offshore from $28.00 to $30.00 and gave the company a "buy" rating in a report on Monday, March 30th. Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a research report on Thursday, March 5th. Roth Mkm reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Wednesday, December 24th. TD Cowen reissued a "buy" rating on shares of Sable Offshore in a report on Thursday, December 18th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $19.50.

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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