Sable Offshore Corp. $SOC Stock Position Increased by SG Americas Securities LLC

SG Americas Securities LLC boosted its position in Sable Offshore Corp. (NYSE:SOC) by 676.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 135,846 shares of the company’s stock after purchasing an additional 118,345 shares during the quarter. SG Americas Securities LLC’s holdings in Sable Offshore were worth $1,225,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Encompass Capital Advisors LLC raised its position in shares of Sable Offshore by 83.8% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock worth $108,845,000 after buying an additional 2,257,069 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Sable Offshore by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company’s stock worth $80,001,000 after buying an additional 108,504 shares in the last quarter. State Street Corp raised its position in shares of Sable Offshore by 16.1% during the 2nd quarter. State Street Corp now owns 3,035,292 shares of the company’s stock worth $66,716,000 after buying an additional 420,433 shares in the last quarter. Capital International Investors bought a new stake in shares of Sable Offshore during the 3rd quarter worth about $31,499,000. Finally, Bank of America Corp DE raised its position in shares of Sable Offshore by 329.8% during the 2nd quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock worth $24,715,000 after buying an additional 862,810 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Price Performance

Sable Offshore stock opened at $14.34 on Wednesday. The firm’s 50 day simple moving average is $12.30 and its 200-day simple moving average is $11.13. The company has a market cap of $2.11 billion, a P/E ratio of -3.41 and a beta of -0.10. Sable Offshore Corp. has a fifty-two week low of $3.72 and a fifty-two week high of $35.00.

Sable Offshore (NYSE:SOC) last released its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.20. On average, analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Jefferies Financial Group lifted their price objective on shares of Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, March 30th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Finally, Roth Mkm reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $19.50.

Insider Activity at Sable Offshore

In related news, insider Anthony Duenner sold 279,081 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider directly owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. The trade was a 37.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO James Caldwell Flores sold 279,081 shares of Sable Offshore stock in a transaction that occurred on 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 chief operating officer owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This trade represents a 38.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 837,243 shares of company stock valued at $13,973,586. Corporate insiders own 36.36% of the company’s stock.

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.