Short Interest in Sable Offshore Corp. (NYSE:SOC) Expands By 14.7%

Key Points

• Short interest rose 14.7% in April to 28,237,234 shares, equal to 30.1% of the stock shorted and a days-to-cover ratio of 6.5 based on average daily volume.
• Significant insider selling: insiders disposed of 1,036,663 shares valued at about $16.66M in the last 90 days (with multiple officers selling in late April), although insiders still own roughly 36.36% of the company.
• Analyst coverage is mixed with an average rating of "Hold" and a consensus target of $18; three analysts rate Buy, one Hold and two Sell, and Jefferies trimmed its target from $30 to $24 while maintaining a Buy.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the target of a large growth in short interest during the month of April. As of April 15th, there was short interest totaling 28,237,234 shares, a growth of 14.7% from the March 31st total of 24,624,255 shares. Currently, 30.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 4,359,401 shares, the days-to-cover ratio is currently 6.5 days.

Sable Offshore Price Performance

SOC opened at $14.34 on Friday. Sable Offshore has a 12 month low of $3.72 and a 12 month high of $35.00. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of -3.41 and a beta of -0.10. The business has a 50-day moving average of $13.96 and a two-hundred day moving average of $10.49.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.20. Equities research analysts anticipate that Sable Offshore will post 1.47 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wall Street Zen raised Sable Offshore from a "strong sell" rating to a "sell" rating in a research note on Saturday, April 25th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a research note on Friday, April 24th. Benchmark reissued a "hold" rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, Jefferies Financial Group cut their target price on shares of Sable Offshore from $30.00 to $24.00 and set a "buy" rating for the company in a research note on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $18.00.

Insider Transactions at Sable Offshore

In other news, insider Anthony Duenner sold 279,081 shares of Sable Offshore stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the transaction, the insider owned 470,919 shares of the company's stock, valued at $7,859,638.11. The trade was a 37.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Gregory D. Patrinely sold 279,081 shares of Sable Offshore stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the executive vice president directly owned 442,794 shares of the company's stock, valued at $7,390,231.86. This trade represents a 38.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,036,663 shares of company stock valued at $16,658,979 in the last 90 days. 36.36% of the stock is currently owned by insiders.

Institutional Trading of Sable Offshore

A number of institutional investors have recently modified their holdings of the company. Hsbc Holdings PLC purchased a new stake in shares of Sable Offshore during the 1st quarter worth about $1,663,000. Kestra Advisory Services LLC grew its holdings in shares of Sable Offshore by 211.2% during the 1st quarter. Kestra Advisory Services LLC now owns 33,521 shares of the company's stock worth $554,000 after purchasing an additional 22,750 shares during the period. Lee Danner & Bass Inc. purchased a new stake in shares of Sable Offshore during the 1st quarter worth about $1,156,000. Tactive Advisors LLC purchased a new stake in shares of Sable Offshore during the 1st quarter worth about $748,000. Finally, Purpose Unlimited Inc. purchased a new stake in shares of Sable Offshore during the 4th quarter worth about $1,078,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

Key Sable Offshore News

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

• Neutral Sentiment: Anthony Duenner (insider) sold 39,312 shares on April 29 at an average $13.56 (≈ $533,071) and 40,743 shares on April 28 at $13.33 (≈ $543,104). Post-sales he still owns a large stake (~590,864 shares before the later sale disclosures); the filings say the sales were to cover tax withholding on vested awards. Insider Sale - Duenner
• Neutral Sentiment: Gregory D. Patrinely (EVP) sold 39,311 shares on April 29 at $13.56 (≈ $533,057) and 40,743 shares on April 28 at $13.33 (≈ $543,104). After the transactions he still holds a substantial position; the SEC filing cites tax-withholding as the reason for the sales. Insider Sale - Patrinely
• Neutral Sentiment: James Caldwell Flores (COO) sold 39,311 shares on April 29 at $13.56 (≈ $533,057). The filing indicates the sale was executed to satisfy tax withholding obligations related to vested awards; he continues to hold a sizable stake. Insider Sale - Flores

Sable Offshore Company Profile

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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