Sable Offshore (NYSE:SOC) EVP Sells $533,057.16 in Stock

Key Points

• EVP Gregory Patrinely sold 39,311 shares at an average price of $13.56 for a total of $533,057.16 on April 29 to cover tax withholding from vested equity awards, leaving him with 562,740 shares (a 6.53% reduction).
• Sable Offshore shares traded at $14.34 (up $0.40) with a market capitalization of $2.11 billion and a 52‑week range of $3.72–$35.00, with 50-day and 200-day moving averages of $13.96 and $10.49 respectively.
• Analysts are mixed—average rating "Hold" with an average target of $18.00—while major institutions (Encompass, Capital International, Alyeska, Vanguard) have recently increased large stakes, leaving about 26.19% of the stock owned by institutional investors.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) EVP Gregory Patrinely sold 39,311 shares of the company's stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the sale, the executive vice president owned 562,740 shares in the company, valued at $7,630,754.40. This trade represents a 6.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sable Offshore Stock Performance

Shares of NYSE:SOC traded up $0.40 during midday trading on Thursday, reaching $14.34. The company's stock 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 firm has a 50 day moving average price of $13.96 and a two-hundred day moving average price 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 announced its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.59) by $0.20. As a group, research analysts anticipate that Sable Offshore Corp. will post 1.47 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SOC shares. Wall Street Zen raised Sable Offshore from a "strong sell" rating to a "sell" rating in a research note on Saturday, April 25th. Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a research note on Thursday, March 5th. Jefferies Financial Group dropped their price target on Sable Offshore from $30.00 to $24.00 and set a "buy" rating on the stock in a research note on Wednesday, April 22nd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a research note on Friday, April 24th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $18.00.

Institutional Trading of Sable Offshore

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

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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