Sheets Smith Wealth Management Makes New Investment in Sable Offshore Corp. $SOC

Key Points

• Sheets Smith Wealth Management invested in Sable Offshore Corp., acquiring 17,861 shares valued at approximately $393,000 in the second quarter.
• Sable Offshore Corp. reported a loss of $1.10 earnings per share for the last quarter, missing analysts' expectations by 44 cents.
• Major shareholder Global Icav Pilgrim sold 167,175 shares for over $3.6 million, reducing their ownership by 1.66%.

Sheets Smith Wealth Management bought a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,861 shares of the company's stock, valued at approximately $393,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its position in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after acquiring an additional 650 shares during the last quarter. SVB Wealth LLC acquired a new position in Sable Offshore during the first quarter worth about $29,000. Townsquare Capital LLC raised its position in Sable Offshore by 12.3% during the first quarter. Townsquare Capital LLC now owns 11,338 shares of the company's stock worth $288,000 after acquiring an additional 1,242 shares during the last quarter. US Bancorp DE raised its position in Sable Offshore by 62.2% during the first quarter. US Bancorp DE now owns 3,281 shares of the company's stock worth $83,000 after acquiring an additional 1,258 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock worth $761,000 after acquiring an additional 1,271 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Stock Performance

Shares of SOC opened at $20.16 on Friday. The company has a 50-day moving average of $26.74 and a two-hundred day moving average of $24.61. Sable Offshore Corp. has a 12-month low of $16.26 and a 12-month high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its 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). On average, equities research analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the transaction, the insider owned 9,933,394 shares of the company's stock, valued at $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. 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.

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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