Sable Offshore Corp. (NYSE:SOC) Short Interest Update

Key Points

• Short interest fell 21.0% in March to 24,624,255 shares, representing about 26.3% of the company's shares short and a short-interest ratio of 3.8 days.
• The stock jumped 11.0% to $14.35 on heavy volume, after Sable Offshore reported quarterly EPS of ($0.39), beating consensus (-$0.59).
• Insiders sold a total of 837,243 shares (~$13.97M) in the last 90 days—including two 279,081-share sales at $16.69 that significantly reduced holdings—although insiders still own 36.36% of the company.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the target of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 24,624,255 shares, a decrease of 21.0% from the March 15th total of 31,164,682 shares. Based on an average daily trading volume, of 6,530,712 shares, the short-interest ratio is currently 3.8 days. Approximately 26.3% of the company's shares are short sold.

Sable Offshore Trading Up 11.0%

NYSE SOC traded up $1.42 during trading on Thursday, reaching $14.35. The company's stock had a trading volume of 5,964,011 shares, compared to its average volume of 4,857,345. The business's fifty day moving average price is $12.91 and its 200-day moving average price is $10.86. Sable Offshore has a twelve month low of $3.72 and a twelve month 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, beating analysts' consensus estimates of ($0.59) by $0.20. Analysts expect that Sable Offshore will post -6.39 earnings per share for the current year.

Insider Activity

In related news, insider Anthony Duenner sold 279,081 shares of the stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the insider directly owned 470,919 shares in the company, valued at approximately $7,859,638.11. This represents a 37.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO James Caldwell Flores sold 279,081 shares of the firm's stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the sale, the chief operating officer directly owned 442,794 shares of the company's stock, valued at approximately $7,390,231.86. This trade represents a 38.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 837,243 shares of company stock valued at $13,973,586 in the last 90 days. Company insiders own 36.36% of the company's stock.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock valued at $761,000 after purchasing an additional 1,271 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after purchasing an additional 650 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Sable Offshore by 29.6% in the second quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company's stock valued at $715,000 after purchasing an additional 7,438 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Sable Offshore by 25.3% in the second quarter. New York State Common Retirement Fund now owns 22,300 shares of the company's stock valued at $490,000 after purchasing an additional 4,500 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Sable Offshore in the second quarter valued at $654,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SOC. Jefferies Financial Group boosted their target price on Sable Offshore from $28.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, March 30th. Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a research note on Thursday, March 5th. TD Cowen reiterated a "buy" rating on shares of Sable Offshore in a report on Thursday, December 18th. Roth Mkm reissued a "buy" rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, January 27th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $19.50.

Sable Offshore Company 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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