Torno Capital LLC Reduces Stake in Sable Offshore Corp. $SOC

Key Points

• Torno Capital LLC significantly reduced its stake in Sable Offshore Corp. by 94.3%, selling 66,000 shares and now holding only 4,000 shares worth about $101,000.
• Analysts have mixed views on Sable Offshore, with a consensus rating of "Moderate Buy" and varying price targets ranging from $6.00 to $47.00.
• Sable Offshore Corp. recently reported a quarterly loss of ($1.10) EPS, falling short of market expectations, and is projected to post a -6.39 EPS for the current fiscal year.

Torno Capital LLC lowered its position in Sable Offshore Corp. (NYSE:SOC - Free Report) by 94.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,000 shares of the company's stock after selling 66,000 shares during the period. Torno Capital LLC's holdings in Sable Offshore were worth $101,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Penn Capital Management Company LLC bought a new position in shares of Sable Offshore in the 1st quarter worth approximately $444,000. SVB Wealth LLC bought a new position in shares of Sable Offshore in the 1st quarter worth approximately $29,000. Capital Fund Management S.A. raised its position in shares of Sable Offshore by 19.1% in the 1st quarter. Capital Fund Management S.A. now owns 120,724 shares of the company's stock worth $3,063,000 after acquiring an additional 19,382 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Sable Offshore in the 1st quarter worth approximately $48,000. Finally, Fifth Lane Capital LP bought a new position in shares of Sable Offshore in the 1st quarter worth approximately $216,000. Institutional investors own 26.19% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction on Friday, July 18th. The stock was sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the sale, the insider 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 36.36% of the company's stock.

Sable Offshore Stock Down 4.0%

SOC stock traded down $1.14 on Friday, reaching $26.91. 1,606,508 shares of the company traded hands, compared to its average volume of 1,745,306. Sable Offshore Corp. has a one year low of $15.65 and a one year high of $35.00. The firm has a fifty day simple moving average of $26.61 and a 200-day simple moving average of $25.21.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings data 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, research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

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.