Purpose Unlimited Inc. Acquires New Position in Sable Offshore Corp. $SOC

Key Points

• Purpose Unlimited Inc. disclosed a new fourth-quarter position in Sable Offshore, buying 119,558 shares worth about $1.08 million and ending with roughly 0.08% ownership of the company.
• Several other institutions also increased or initiated stakes, while hedge funds and other institutional investors now hold about 26.19% of Sable Offshore’s stock.
• Sable Offshore reported a wider-than-expected quarterly loss and weak revenue, and analyst sentiment is mixed with an average Hold rating and a consensus price target of $22.

Purpose Unlimited Inc. acquired a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 119,558 shares of the company's stock, valued at approximately $1,078,000. Purpose Unlimited Inc. owned about 0.08% of Sable Offshore at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Corient Private Wealth LLC acquired a new stake in shares of Sable Offshore during the 4th quarter worth approximately $175,000. Alpine Global Management LLC raised its position in shares of Sable Offshore by 136.7% during the 4th quarter. Alpine Global Management LLC now owns 20,000 shares of the company's stock valued at $180,000 after buying an additional 11,550 shares during the period. Invesco Ltd. lifted its holdings in Sable Offshore by 226.3% in the fourth quarter. Invesco Ltd. now owns 133,874 shares of the company's stock valued at $1,208,000 after acquiring an additional 92,843 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Sable Offshore by 83.9% in the fourth quarter. NewEdge Advisors LLC now owns 42,612 shares of the company's stock valued at $384,000 after acquiring an additional 19,436 shares during the last quarter. Finally, Yaupon Capital Management LP grew its position in Sable Offshore by 365.5% in the fourth quarter. Yaupon Capital Management LP now owns 449,215 shares of the company's stock worth $4,052,000 after acquiring an additional 352,715 shares during the period. 26.19% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the executive vice president owned 562,740 shares of the company's stock, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of Sable Offshore stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the transaction, the insider owned 590,864 shares of the company's stock, valued at $8,012,115.84. This trade represents a 6.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,077,406 shares of company stock worth $17,202,083 over the last three months. Company insiders own 20.00% of the company's stock.

Sable Offshore Trading Down 0.3%

Shares of NYSE SOC opened at $10.09 on Friday. The stock has a market capitalization of $1.56 billion, a PE ratio of -2.36 and a beta of -0.22. Sable Offshore Corp. has a twelve month low of $3.72 and a twelve month high of $32.18. The stock has a fifty day simple moving average of $13.24 and a 200-day simple moving average of $11.54.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its 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 during the quarter, compared to analysts' expectations of $16.10 million. On average, equities analysts predict that Sable Offshore Corp. will post 0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SOC. Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a research report on Friday, April 24th. Roth Mkm set a $22.00 target price on shares of Sable Offshore in a research report on Monday, June 1st. Jefferies Financial Group lowered their target price on shares of Sable Offshore from $30.00 to $24.00 and set a "buy" rating for the company in a research note on Wednesday, April 22nd. Benchmark reissued a "hold" rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Finally, Zacks Research downgraded shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a research note on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $22.00.

About Sable Offshore

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.

Want to see what other hedge funds are holding SOC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sable Offshore Corp. (NYSE:SOC - Free Report).

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.