BW Gestao de Investimentos Ltda. Purchases Shares of 1,467,222 Sable Offshore Corp. $SOC

BW Gestao de Investimentos Ltda. purchased a new stake in Sable Offshore Corp. (NYSE:SOC) in the 4th quarter, according to its most recent filing with the SEC. The fund purchased 1,467,222 shares of the company’s stock, valued at approximately $13,234,000.

Other institutional investors also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. acquired a new position in Sable Offshore in the 4th quarter valued at $37,000. NewEdge Advisors LLC grew its stake in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the period. Rathbones Group PLC purchased a new stake in shares of Sable Offshore during the 4th quarter valued at $105,000. Mraz Amerine & Associates Inc. purchased a new stake in shares of Sable Offshore during the 4th quarter valued at $123,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Sable Offshore by 2,673.7% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company’s stock valued at $135,000 after buying an additional 7,433 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on SOC shares. Wall Street Zen raised shares of Sable Offshore from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Jefferies Financial Group lowered their price objective 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. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, Roth Mkm set a $22.00 price objective on shares of Sable Offshore in a research note on Monday. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.00.

Sable Offshore Trading Down 11.0%

Shares of Sable Offshore stock opened at $13.04 on Tuesday. The company has a fifty day moving average price of $14.48 and a 200 day moving average price of $10.90. Sable Offshore Corp. has a twelve month low of $3.72 and a twelve month high of $32.18. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -3.05 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $16.10 million. Analysts forecast that Sable Offshore Corp. will post 0.86 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, EVP Gregory D. Patrinely sold 279,081 shares of the company’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the executive vice president directly owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This represents a 38.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO James Caldwell Flores sold 279,081 shares of the company’s 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 transaction, the chief operating officer directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,077,406 shares of company stock valued at $17,202,083 in the last ninety days. Insiders own 36.36% of the company’s stock.

Sable Offshore 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.