Sable Offshore (NYSE:SOC) EVP Sells $543,104.19 in Stock

Key Points

• EVP Gregory Patrinely sold 40,743 shares at an average price of $13.33 for $543,104.19 to cover tax withholding on vested equity awards, reducing his stake by 7.51% to 502,051 shares valued at about $6.69 million.
• SOC shares rose 2.9% to $14.34 on the report; the company has a market capitalization of $2.11 billion, a 52‑week range of $3.72–$35.00, and a negative PE of -3.41.
• Analyst and institutional picture is mixed: the stock has an average "Hold" rating with an $18 consensus target, while several institutions (Encompass, Capital International, Alyeska, Vanguard) significantly increased positions, leaving institutional ownership at 26.19%.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) EVP Gregory Patrinely sold 40,743 shares of the company's stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total transaction of $543,104.19. Following the completion of the transaction, the executive vice president owned 502,051 shares of the company's stock, valued at $6,692,339.83. This trade represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sable Offshore Stock Up 2.9%

NYSE:SOC traded up $0.40 during midday 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. Sable Offshore Corp. has a 52-week low of $3.72 and a 52-week high of $35.00. The stock's fifty day moving average price is $13.96 and its 200-day moving average price is $10.49. The company has a market capitalization of $2.11 billion, a PE ratio of -3.41 and a beta of -0.10.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results 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. As a group, research analysts forecast that Sable Offshore Corp. will post 1.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

SOC has been the subject of several analyst reports. Benchmark restated a "hold" rating on shares of Sable Offshore in a research report on Thursday, March 5th. 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. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research report on Friday, April 24th. Finally, Jefferies Financial Group cut their price target on shares of Sable Offshore from $30.00 to $24.00 and set a "buy" rating for the company in a research report on Wednesday, April 22nd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $18.00.

Hedge Funds Weigh In On Sable Offshore

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