Sable Offshore (NYSE:SOC) EVP Gregory Patrinely Sells 279,081 Shares

Sable Offshore Corp. (NYSE:SOC) EVP Gregory Patrinely sold 279,081 shares of the stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the executive vice president owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. The trade was a 38.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Sable Offshore Stock Up 4.5%

SOC traded up $0.66 during trading on Thursday, reaching $15.36. The company’s stock had a trading volume of 5,075,569 shares, compared to its average volume of 7,158,966. The company has a market cap of $2.26 billion, a price-to-earnings ratio of -3.66 and a beta of -0.11. The firm has a fifty day simple moving average of $11.97 and a two-hundred day simple moving average of $11.45. Sable Offshore Corp. has a 1 year low of $3.72 and a 1 year 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, beating analysts’ consensus estimates of ($0.59) by $0.20. As a group, equities analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Purpose Unlimited Inc. acquired a new stake in shares of Sable Offshore during the fourth quarter valued at about $1,078,000. Corient Private Wealth LLC acquired a new position in shares of Sable Offshore in the 4th quarter worth approximately $175,000. Alpine Global Management LLC lifted its holdings in shares of Sable Offshore by 136.7% in the 4th quarter. Alpine Global Management LLC now owns 20,000 shares of the company’s stock worth $180,000 after acquiring an additional 11,550 shares during the last quarter. Invesco Ltd. boosted its position in shares of Sable Offshore by 226.3% during the 4th quarter. Invesco Ltd. now owns 133,874 shares of the company’s stock worth $1,208,000 after purchasing an additional 92,843 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of Sable Offshore by 83.9% during the 4th quarter. NewEdge Advisors LLC now owns 42,612 shares of the company’s stock worth $384,000 after purchasing an additional 19,436 shares during the period. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on SOC shares. Jefferies Financial Group raised their target price on Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Benchmark restated a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Finally, Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $19.50.

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.