Sable Offshore (NYSE:SOC) Trading Down 7.6% on Insider Selling

Key Points

• Sable Offshore shares fell 7.6% intraday to about $13.25 after the market opened, with volume of 298,560 shares versus an average session volume of 6.25 million (a ~95% decline from normal trading levels).
• Insiders including Anthony Duenner and EVP Gregory D. Patrinely sold roughly 39k–41k shares each on April 28–29 to cover tax withholding on vested awards, trimming their stakes by about 6–7%; the trades were disclosed in SEC filings.
• Analyst views are mixed: Jefferies cut its price target from $30 to $24 (maintaining a buy), the broker consensus is a “Hold” with a $18 average target, and several firms have reiterated sell ratings.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares traded down 7.6% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $13.60 and last traded at $13.2540. 298,560 shares were traded during mid-day trading, a decline of 95% from the average session volume of 6,252,967 shares. The stock had previously closed at $14.35.

Specifically, insider Anthony Duenner sold 39,312 shares of Sable Offshore stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the sale, the insider owned 590,864 shares of the company's stock, valued at $8,012,115.84. The trade was a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 40,743 shares of Sable Offshore stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total value of $543,104.19. Following the sale, the insider directly owned 530,176 shares of the company's stock, valued at $7,067,246.08. This trade represents a 7.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In related news, EVP Gregory D. Patrinely sold 39,311 shares of Sable Offshore stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the executive vice president owned 562,740 shares of the company's stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Jefferies Financial Group decreased their target price on Sable Offshore from $30.00 to $24.00 and set a "buy" rating for the company in a report on Wednesday, April 22nd. Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a report on Thursday, March 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Wall Street Zen raised 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 assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Sable Offshore has an average rating of "Hold" and a consensus target price of $18.00.

Trending Headlines about Sable Offshore

Here are the key news stories impacting Sable Offshore this week:

• Positive Sentiment: Market momentum and editorial coverage: MarketBeat flagged Sable as “trading up” and published a feature highlighting a recent court ruling and other developments that may be viewed positively by investors. MarketBeat Court Ruling Story
• Neutral Sentiment: EVP Gregory D. Patrinely sold 39,311 shares on April 29 (avg. $13.56) and 40,743 on April 28 (avg. $13.33); filings state the sales were to satisfy tax withholding on vested awards and he continues to hold a substantial stake. Patrinely Form 4
• Neutral Sentiment: COO James Caldwell Flores sold 39,311 shares on April 29 (avg. $13.56) to cover tax-withholding on vested awards and remains a large shareholder. Flores Form 4
• Neutral Sentiment: Anthony Duenner (insider) sold 39,312 shares on April 29 and 40,743 on April 28 at similar prices; filings likewise cite tax-withholding on vested awards and he retains a significant position. Duenner Form 4
• Negative Sentiment: Analyst/ratings pressure: broker consensus is a "Hold" (per recent coverage) and some research notes are mixed—Weiss reiterating a sell, Wall Street Zen on sell, while Jefferies trimmed its price target (from $30 to $24) even as it kept a buy stance—these moves reduce upside visibility versus prior targets. Brokerage Consensus

Sable Offshore Price Performance

The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -3.16 and a beta of -0.10. The stock has a fifty day simple moving average of $13.96 and a 200-day simple moving average of $10.49.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results 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, equities analysts expect that Sable Offshore Corp. will post 1.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. HUB Investment Partners LLC acquired a new position in Sable Offshore in the third quarter valued at approximately $1,659,000. Union Square Park Capital Management LLC purchased a new stake in shares of Sable Offshore in the third quarter valued at approximately $2,383,000. CenterBook Partners LP purchased a new stake in shares of Sable Offshore in the third quarter valued at approximately $2,864,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Sable Offshore in the third quarter valued at approximately $6,752,000. Finally, Trek Financial LLC purchased a new stake in shares of Sable Offshore in the third quarter valued at approximately $4,652,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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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