Insider Selling: Sable Offshore (NYSE:SOC) Insider Sells 39,312 Shares of Stock

Key Points

• Insider sale: Director Anthony Duenner sold 39,312 shares on April 29 at an average price of $13.56 for $533,070.72 to cover tax withholding, leaving him with 590,864 shares (a 6.24% reduction); he also sold larger blocks on April 28 and March 31 (including 279,081 shares on March 31 for ~$4.66M).
• Stock and trading snapshot: SOC traded up 2.9% to $14.34 with a market cap of about $2.11 billion and a 52-week range of $3.72–$35.00.
• Analyst and institutional context: Analyst ratings are mixed (Buy/Hold/Sell with an average "Hold" and $18 consensus target), while major institutions dramatically increased Q4 stakes (Alyeska, Capital International, Encompass, Vanguard), leaving institutions owning ~26.19% of the stock.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) insider Anthony Duenner sold 39,312 shares of the company's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the sale, the insider directly owned 590,864 shares of the company's stock, valued at $8,012,115.84. The trade was a 6.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Anthony Duenner also recently made the following trade(s):

• On Tuesday, April 28th, Anthony Duenner sold 40,743 shares of Sable Offshore stock. The stock was sold at an average price of $13.33, for a total transaction of $543,104.19.
• On Tuesday, March 31st, Anthony Duenner sold 279,081 shares of Sable Offshore stock. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89.

Sable Offshore Trading Up 2.9%

SOC stock traded up $0.40 during trading on Thursday, hitting $14.34. The company had a trading volume of 2,970,250 shares, compared to its average volume of 3,492,546. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of -3.41 and a beta of -0.10. The business has a 50 day moving average of $13.96 and a 200 day moving average of $10.49. Sable Offshore Corp. has a fifty-two week low of $3.72 and a fifty-two week high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.20. As a group, equities analysts predict that Sable Offshore Corp. will post 1.47 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on SOC. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sable Offshore in a research report on Friday, April 24th. Wall Street Zen upgraded shares of Sable Offshore from a "strong sell" rating to a "sell" rating in a research report on Saturday, April 25th. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research report on Thursday, March 5th. Finally, Jefferies Financial Group cut their price objective on Sable Offshore from $30.00 to $24.00 and set a "buy" rating on the stock in a report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Sable Offshore has an average rating of "Hold" and a consensus target price of $18.00.

Institutional Trading of Sable Offshore

Several institutional investors and hedge funds have recently bought and sold shares of SOC. Alyeska Investment Group L.P. raised its holdings in Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company's stock worth $100,048,000 after buying an additional 10,400,275 shares during the period. Capital International Investors raised its holdings in Sable Offshore by 542.6% during the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company's stock worth $104,564,000 after buying an additional 9,788,351 shares during the period. FourWorld Capital Management LLC acquired a new stake in Sable Offshore during the 4th quarter worth about $73,113,000. Encompass Capital Advisors LLC raised its holdings in Sable Offshore by 60.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock worth $121,673,000 after buying an additional 5,091,925 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company's stock worth $68,170,000 after buying an additional 2,975,712 shares during the period. Institutional investors and hedge funds own 26.19% of the company's stock.

About Sable Offshore

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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