Resolute Capital Asset Partners LLC Sells 40,000 Shares of Sable Offshore Corp. $SOC

Key Points

• Resolute Capital Asset Partners LLC sold 40,000 shares of Sable Offshore Corp., reducing its stake by 53.3%, leaving the firm with 35,000 shares valued at approximately $888,000.
• Sable Offshore Corp. reported a loss of ($1.10) earnings per share for the most recent quarter, missing analysts' expectations by a significant margin.
• Major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore at an average price of $21.98, resulting in a total transaction of over $3.6 million.

Resolute Capital Asset Partners LLC decreased its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 53.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,000 shares of the company's stock after selling 40,000 shares during the period. Resolute Capital Asset Partners LLC's holdings in Sable Offshore were worth $888,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SOC. LPL Financial LLC bought a new position in Sable Offshore during the 4th quarter worth $312,000. Wells Fargo & Company MN increased its position in Sable Offshore by 123.4% during the 4th quarter. Wells Fargo & Company MN now owns 34,721 shares of the company's stock worth $795,000 after buying an additional 19,178 shares during the period. Invesco Ltd. increased its position in shares of Sable Offshore by 2.7% in the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company's stock worth $596,000 after purchasing an additional 679 shares during the period. Legal & General Group Plc increased its position in shares of Sable Offshore by 7.2% in the fourth quarter. Legal & General Group Plc now owns 43,284 shares of the company's stock worth $991,000 after purchasing an additional 2,890 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Sable Offshore in the fourth quarter worth $1,177,000. Institutional investors own 26.19% of the company's stock.

Sable Offshore Stock Performance

SOC opened at $28.7650 on Friday. The company's 50 day moving average is $26.07 and its 200-day moving average is $25.04. Sable Offshore Corp. has a 1-year low of $15.13 and a 1-year high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last posted 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 expect that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Wall Street Analyst Weigh In

SOC has been the topic of a number of recent analyst reports. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Benchmark raised their price target on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, BWS Financial restated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, May 13th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $30.33.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore 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 sale, the insider directly owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 36.36% of the company's stock.

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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