Sable Offshore (NYSE:SOC) Trading 9.1% Higher - Here's What Happened

Key Points

• Sable Offshore Corp. shares rose by 9.1% to a closing price of $19.04 during mid-day trading, despite a decrease in trading volume compared to the average session.
• The company reported a quarterly loss of ($1.10) EPS, missing market expectations significantly, where analysts expected a loss of ($0.66).
• Significant insider trading occurred as a major shareholder sold 167,175 shares at an average price of $21.98, reducing their ownership by 1.66%.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares traded up 9.1% during mid-day trading on Wednesday . The company traded as high as $18.80 and last traded at $19.04. 1,260,564 shares were traded during trading, a decline of 50% from the average session volume of 2,506,553 shares. The stock had previously closed at $17.46.

Sable Offshore Trading Up 14.3%

The stock has a 50-day moving average price of $26.02 and a 200-day moving average price of $24.51.

Sable Offshore (NYSE:SOC - Get Free Report) last issued 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). On average, sell-side analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction that occurred 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 transaction, the insider directly owned 9,933,394 shares of the company's stock, valued at $218,336,000.12. The trade was a 1.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 36.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently bought and sold shares of the stock. NewEdge Advisors LLC increased its stake in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after purchasing an additional 650 shares during the period. SVB Wealth LLC purchased a new position in shares of Sable Offshore during the first quarter valued at approximately $29,000. Townsquare Capital LLC grew its stake in Sable Offshore by 12.3% in the first quarter. Townsquare Capital LLC now owns 11,338 shares of the company's stock worth $288,000 after purchasing an additional 1,242 shares during the period. US Bancorp DE grew its stake in Sable Offshore by 62.2% in the first quarter. US Bancorp DE now owns 3,281 shares of the company's stock worth $83,000 after purchasing an additional 1,258 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock valued at $761,000 after buying an additional 1,271 shares during the period. 26.19% of the stock is owned by hedge funds and other institutional investors.

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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