James Caldwell Flores Sells 39,311 Shares of Sable Offshore (NYSE:SOC) Stock

Key Points

• COO James Caldwell Flores sold 39,311 shares of Sable Offshore on April 29 at an average price of $13.56 for $533,057, reducing his stake to 562,740 shares (a 6.53% drop); the sale was disclosed as being made to cover tax withholding on vested equity awards.
• Flores also sold 279,081 shares on March 31 at $16.69 for roughly $4.66 million, reflecting significant recent insider selling activity.
• SOC shares 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 coverage is mixed (average rating: “Hold”) with an average target price of $18, and institutional investors own roughly 26% of the stock.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) COO James Caldwell Flores sold 39,311 shares of Sable Offshore stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the transaction, the chief operating officer directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

James Caldwell Flores also recently made the following trade(s):

• On Tuesday, March 31st, James Caldwell Flores sold 279,081 shares of Sable Offshore stock. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89.

Sable Offshore Stock Up 2.9%

SOC stock traded up $0.40 during trading on Thursday, hitting $14.34. 2,970,250 shares of the company's stock traded hands, compared to its average volume of 3,492,546. The firm has a market capitalization of $2.11 billion, a P/E ratio of -3.41 and a beta of -0.10. The business has a fifty day simple moving average of $13.96 and a two-hundred day simple moving average of $10.49. Sable Offshore Corp. has a 1 year low of $3.72 and a 1 year high of $35.00.

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

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Sable Offshore

Several institutional investors have recently bought and sold shares of the company. Hsbc Holdings PLC acquired a new stake in Sable Offshore in the first quarter valued at approximately $1,663,000. Kestra Advisory Services LLC boosted its stake in Sable Offshore by 211.2% in the first quarter. Kestra Advisory Services LLC now owns 33,521 shares of the company's stock valued at $554,000 after acquiring an additional 22,750 shares in the last quarter. Lee Danner & Bass Inc. acquired a new stake in Sable Offshore in the first quarter valued at approximately $1,156,000. Tactive Advisors LLC acquired a new stake in Sable Offshore in the first quarter valued at approximately $748,000. Finally, Purpose Unlimited Inc. acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $1,078,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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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