Sable Offshore Corp. $SOC Shares Sold by Freestone Capital Holdings LLC

Key Points

• Freestone Capital Holdings LLC reduced its stake in Sable Offshore Corp. (NYSE:SOC) by 49.6%, leaving it with 15,111 shares worth approximately $383,000.
• Vanguard Group Inc. increased its position in Sable Offshore by 5.7%, now owning 3,685,492 shares valued at $93.5 million, alongside other institutional investors making significant adjustments to their stakes.
• Sable Offshore's stock has experienced considerable volatility, with a one-year low of $14.90 and a high of $35.00, and it reported an EPS of - $1.10, missing analysts' estimates.

Freestone Capital Holdings LLC cut its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 49.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,111 shares of the company's stock after selling 14,889 shares during the quarter. Freestone Capital Holdings LLC's holdings in Sable Offshore were worth $383,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SOC. Vanguard Group Inc. boosted its position in shares of Sable Offshore by 5.7% in the first quarter. Vanguard Group Inc. now owns 3,685,492 shares of the company's stock worth $93,501,000 after buying an additional 199,366 shares during the period. Encompass Capital Advisors LLC boosted its position in shares of Sable Offshore by 128.9% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock worth $32,060,000 after buying an additional 788,495 shares during the period. Driehaus Capital Management LLC boosted its position in shares of Sable Offshore by 57.9% in the fourth quarter. Driehaus Capital Management LLC now owns 487,096 shares of the company's stock worth $11,154,000 after buying an additional 178,606 shares during the period. Northern Trust Corp boosted its position in shares of Sable Offshore by 7.0% in the fourth quarter. Northern Trust Corp now owns 470,112 shares of the company's stock worth $10,766,000 after buying an additional 30,720 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Sable Offshore by 696.9% in the first quarter. Invesco Ltd. now owns 207,442 shares of the company's stock worth $5,263,000 after buying an additional 181,412 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Price Performance

Shares of SOC opened at $28.79 on Tuesday. Sable Offshore Corp. has a one year low of $14.90 and a one year high of $35.00. The stock has a 50-day moving average price of $25.68 and a 200 day moving average price of $24.97.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). On average, equities research analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of the stock in a transaction that occurred on 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 transaction, the insider owned 9,933,394 shares of the company's stock, valued at $218,336,000.12. This trade represents a 1.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 36.36% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Benchmark upped their target price 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 target price on Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, BWS Financial reaffirmed a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.