Two Seas Capital LP Lowers Stock Position in Sable Offshore Corp. $SOC

Key Points

• Two Seas Capital LP cut its stake in Sable Offshore by 18% in the fourth quarter, leaving it with 1.73 million shares worth about $15.6 million. The position still represented roughly 1.2% of Sable Offshore and was the fund’s 21st-largest holding.
• Analyst sentiment on SOC is mixed, with Jefferies lowering its price target to $24 while Zacks downgraded the stock to strong sell. MarketBeat shows an overall consensus rating of Hold with a $22 price target.
• Insider selling has been heavy, including large sales by Anthony Duenner and Gregory D. Patrinely, and insiders have sold 1.08 million shares worth $17.2 million over the past 90 days. The company also reported a wider-than-expected quarterly loss and revenue far below estimates.

Two Seas Capital LP reduced its holdings in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) by 18.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,733,239 shares of the company's stock after selling 380,805 shares during the period. Sable Offshore comprises approximately 0.3% of Two Seas Capital LP's portfolio, making the stock its 21st biggest holding. Two Seas Capital LP owned about 1.20% of Sable Offshore worth $15,634,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. NewEdge Advisors LLC grew 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 valued at $62,000 after acquiring an additional 650 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 valued at $761,000 after acquiring an additional 1,271 shares during the last quarter. Bleakley Financial Group LLC grew its position in Sable Offshore by 4.4% during the third quarter. Bleakley Financial Group LLC now owns 50,949 shares of the company's stock valued at $890,000 after acquiring an additional 2,167 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company's stock valued at $165,000 after acquiring an additional 2,960 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in Sable Offshore during the fourth quarter valued at approximately $37,000. 26.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SOC shares. Jefferies Financial Group reduced their price target on shares of Sable Offshore from $30.00 to $24.00 and set a "buy" rating on the stock in a research report on Wednesday, April 22nd. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a report on Friday, April 24th. Zacks Research cut shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a report on Wednesday. Benchmark restated a "hold" rating on shares of Sable Offshore in a report on Tuesday. Finally, Wall Street Zen cut shares of Sable Offshore from a "hold" rating to a "sell" rating in a report on Saturday. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Sable Offshore has a consensus rating of "Hold" and a consensus price target of $22.00.

Insider Activity at Sable Offshore

In related news, insider Anthony Duenner sold 279,081 shares of Sable Offshore stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the sale, the insider owned 470,919 shares in the company, valued at $7,859,638.11. The trade was a 37.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Gregory D. Patrinely sold 279,081 shares of Sable Offshore stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the executive vice president owned 442,794 shares in the company, valued at approximately $7,390,231.86. This trade represents a 38.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,077,406 shares of company stock worth $17,202,083 in the last 90 days. Company insiders own 36.36% of the company's stock.

Sable Offshore Price Performance

Shares of NYSE:SOC opened at $12.27 on Friday. Sable Offshore Corp. has a 1 year low of $3.72 and a 1 year high of $32.18. The company has a market cap of $1.89 billion, a PE ratio of -2.87 and a beta of -0.22. The stock's 50-day moving average is $14.20 and its 200 day moving average is $11.08.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. Analysts expect that Sable Offshore Corp. will post 0.04 EPS for the current fiscal year.

Sable Offshore Profile

Sable Offshore NYSE: SOC is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.

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