Sculptor Capital LP Reduces Holdings in Sable Offshore Corp. $SOC

Key Points

• Sculptor Capital LP has reduced its stake in Sable Offshore Corp. by 28.6%, selling 50,000 shares and now owns 125,000 shares valued at approximately $3.17 million.
• Investor interest varies, with Vanguard Group increasing its holdings by 5.7%, while other firms like Invesco significantly lifted their stakes, indicating mixed sentiment on the stock.
• The stock has a current price target consensus of $30.33, with analysts holding predominantly "buy" ratings, showing confidence in the company's future despite recent earnings misses.

Sculptor Capital LP reduced its position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 28.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 125,000 shares of the company's stock after selling 50,000 shares during the quarter. Sculptor Capital LP owned approximately 0.14% of Sable Offshore worth $3,171,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in 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 in the last quarter. Encompass Capital Advisors LLC increased its stake in shares of Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock worth $32,060,000 after acquiring an additional 788,495 shares in the last quarter. Driehaus Capital Management LLC increased its stake in shares of Sable Offshore by 57.9% in the 4th quarter. Driehaus Capital Management LLC now owns 487,096 shares of the company's stock worth $11,154,000 after acquiring an additional 178,606 shares in the last quarter. Northern Trust Corp increased its stake in shares of Sable Offshore by 7.0% in the 4th quarter. Northern Trust Corp now owns 470,112 shares of the company's stock worth $10,766,000 after acquiring an additional 30,720 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Sable Offshore by 696.9% in the 1st quarter. Invesco Ltd. now owns 207,442 shares of the company's stock worth $5,263,000 after acquiring an additional 181,412 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Stock Performance

Shares of NYSE SOC traded down $0.33 during trading on Wednesday, reaching $22.76. 4,980,577 shares of the company traded hands, compared to its average volume of 2,133,629. The firm has a 50 day simple moving average of $26.75 and a 200-day simple moving average of $25.14. Sable Offshore Corp. has a 52-week low of $16.26 and a 52-week high of $35.00.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. Benchmark increased their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, BWS Financial reiterated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, May 13th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 36.36% of the stock is currently owned by insiders.

Sable Offshore 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.