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

Key Points

• Anthony Duenner sold 40,743 shares on April 28 at an average of $13.33 for $543,104.19 to cover tax withholding from vested equity, cutting his stake by 7.14% to 530,176 shares (≈$7.07M).
• Duenner also sold 39,312 shares on April 29 and 279,081 on March 31, bringing his recent disposals to about $5.73 million; Sable Offshore shares traded near $14.34 and carry an average analyst rating of "Hold" with an $18 price target.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) insider Anthony Duenner sold 40,743 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $13.33, for a total transaction of $543,104.19. Following the transaction, the insider directly owned 530,176 shares in the company, valued at approximately $7,067,246.08. The trade was a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Anthony Duenner also recently made the following trade(s):

• On Wednesday, April 29th, Anthony Duenner sold 39,312 shares of Sable Offshore stock. The shares were sold at an average price of $13.56, for a total transaction of $533,070.72.
• On Tuesday, March 31st, Anthony Duenner sold 279,081 shares of Sable Offshore stock. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89.

Sable Offshore Stock Performance

Shares of NYSE:SOC traded up $0.40 during midday trading on Thursday, hitting $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 business's 50 day simple moving average is $13.96 and its 200 day simple moving average is $10.49. The company has a market cap of $2.11 billion, a P/E ratio of -3.41 and a beta of -0.10. Sable Offshore Corp. has a 12-month low of $3.72 and a 12-month high of $35.00.

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

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors have recently bought and sold shares of SOC. Alyeska Investment Group L.P. raised its stake in 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 worth $100,048,000 after purchasing an additional 10,400,275 shares during the period. Capital International Investors raised its stake in Sable Offshore by 542.6% during 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 period. FourWorld Capital Management LLC purchased a new position in Sable Offshore during the fourth quarter worth about $73,113,000. Encompass Capital Advisors LLC raised its stake in Sable Offshore by 60.6% during 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 period. Finally, Vanguard Group Inc. raised its stake in Sable Offshore by 64.9% during 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 period. 26.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on SOC. Jefferies Financial Group cut their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a "buy" rating for the company in a report on Wednesday, April 22nd. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a report on Thursday, March 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Wall Street Zen upgraded shares of Sable Offshore from a "strong sell" rating to a "sell" rating in a report on Saturday, April 25th. Three equities 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. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $18.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.