Sable Offshore (NYSE:SOC) Earns Sell (D) Rating from Weiss Ratings

Key Points

• Sable Offshore has been assigned a "sell (D)" rating by Weiss Ratings, indicating concerns about the company's stock performance.
• Despite this rating, Sable Offshore's stock rose by 3.3% to $19.93, although it remains significantly below its 12-month high of $35.00.
• Insider trading activity revealed that major shareholder Global Icav Pilgrim sold 167,175 shares, reducing their stake in the company by 1.66%.

Sable Offshore (NYSE:SOC - Get Free Report)'s stock had its "sell (d)" rating restated by research analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Sable Offshore Stock Up 3.3%

NYSE:SOC traded up $0.64 during mid-day trading on Wednesday, reaching $19.93. 2,443,414 shares of the company's stock traded hands, compared to its average volume of 5,271,761. Sable Offshore has a 12-month low of $16.26 and a 12-month high of $35.00. The company has a 50 day moving average price of $24.86 and a 200-day moving average price of $24.26.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). Sell-side analysts anticipate that Sable Offshore will post -6.39 EPS for the current year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of the 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 in the company, valued at approximately $218,336,000.12. This represents a 1.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 36.36% of the company's stock.

Institutional Trading of Sable Offshore

Several institutional investors have recently added to or reduced their stakes in SOC. SVB Wealth LLC purchased a new position in shares of Sable Offshore during the first quarter worth approximately $29,000. CWM LLC lifted its holdings in Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company's stock worth $41,000 after buying an additional 1,730 shares during the period. KBC Group NV purchased a new stake in Sable Offshore during the second quarter worth $46,000. Quantbot Technologies LP purchased a new position in Sable Offshore in the first quarter worth $48,000. Finally, NewEdge Advisors LLC raised its stake 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 buying an additional 650 shares during the last quarter. Institutional investors own 26.19% of the company's stock.

About Sable Offshore

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.

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