Insider Selling: Sable Offshore (NYSE:SOC) COO Sells 39,311 Shares of Stock

Sable Offshore Corp. (NYSE:SOC) COO James Caldwell Flores sold 39,311 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the chief operating officer owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

James Caldwell Flores also recently made the following trade(s):

• On Tuesday, March 31st, James Caldwell Flores sold 279,081 shares of Sable Offshore stock. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89.

Sable Offshore Stock Performance

SOC traded up $0.40 during trading on Thursday, hitting $14.34. The stock had a trading volume of 2,970,250 shares, compared to its average volume of 3,492,546. The stock has a 50 day simple moving average of $13.96 and a two-hundred day simple moving average of $10.49. The company has a market capitalization of $2.11 billion, a PE ratio of -3.41 and a beta of -0.10. Sable Offshore Corp. has a twelve month low of $3.72 and a twelve month high of $35.00.

Sable Offshore (NYSE:SOC) last posted its quarterly 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. On average, equities research analysts anticipate that Sable Offshore Corp. will post 1.47 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Sable Offshore during the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd raised its holdings in shares of Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Sable Offshore by 36.2% during 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 during the last quarter. Williams Jones Wealth Management LLC. purchased a new position in shares of Sable Offshore during the fourth quarter worth $90,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Sable Offshore during the fourth quarter worth $97,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Jefferies Financial Group decreased their price target 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. Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sable Offshore presently has an average rating of “Hold” and a consensus price target of $18.00.

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.