Sable Offshore (NYSE:SOC) Shares Down 3.9% - Here's What Happened

Key Points

• Sable Offshore Corp.'s share price fell by 3.9%, trading at $19.28, significantly below its previous close of $20.06 and showing an 87% decline in trading volume.
• The company reported a quarterly loss with an EPS of ($1.10), missing the consensus estimate by ($0.44), with an expected yearly EPS of -6.39.
• Major shareholder Global Icav Pilgrim sold over 167,000 shares of Sable Offshore, marking a 1.66% decrease in their ownership stake.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price dropped 3.9% during trading on Thursday . The stock traded as low as $19.35 and last traded at $19.28. Approximately 331,330 shares traded hands during trading, a decline of 87% from the average daily volume of 2,526,776 shares. The stock had previously closed at $20.06.

Sable Offshore Stock Performance

The firm's fifty day moving average price is $25.86 and its 200 day moving average price is $24.48.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). As a group, sell-side analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the company's stock in a transaction on Friday, July 18th. The shares were 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 directly owned 9,933,394 shares in the company, valued at approximately $218,336,000.12. This represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 36.36% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SOC. SVB Wealth LLC acquired a new position in shares of Sable Offshore during the first quarter valued at about $29,000. CWM LLC raised its position in Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company's stock worth $41,000 after purchasing an additional 1,730 shares in the last quarter. KBC Group NV acquired a new position in Sable Offshore in the second quarter worth about $46,000. Quantbot Technologies LP acquired a new position in Sable Offshore in the first quarter worth about $48,000. Finally, NewEdge Advisors LLC raised its position in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after purchasing an additional 650 shares in the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Company Profile

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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