Clear Street Group Inc. Acquires New Stake in Sable Offshore Corp. $SOC

Clear Street Group Inc. acquired a new stake in Sable Offshore Corp. (NYSE:SOC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 53,025 shares of the company’s stock, valued at approximately $478,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SOC. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore in the 4th quarter valued at $37,000. NewEdge Advisors LLC increased its holdings in Sable Offshore by 36.2% during the 1st 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 period. Williams Jones Wealth Management LLC. purchased a new position in shares of Sable Offshore in the 4th quarter valued at about $90,000. Kestra Advisory Services LLC purchased a new position in shares of Sable Offshore in the 4th quarter valued at about $97,000. Finally, Rathbones Group PLC purchased a new position in shares of Sable Offshore in the 4th quarter valued at about $105,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Trading Down 2.7%

Shares of SOC stock opened at $10.59 on Tuesday. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -2.48 and a beta of -0.22. The stock has a 50 day simple moving average of $13.58 and a 200-day simple moving average of $11.43. Sable Offshore Corp. has a 12-month low of $3.72 and a 12-month high of $32.18.

Sable Offshore (NYSE:SOC) last issued its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. On average, equities analysts forecast that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Tuesday, June 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Jefferies Financial Group decreased their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Finally, Roth Mkm set a $22.00 price objective on Sable Offshore in a research report on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Sable Offshore presently has a consensus rating of “Hold” and an average target price of $22.00.

Insider Activity at Sable Offshore

In related news, insider Anthony Duenner sold 279,081 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 470,919 shares of the company’s stock, valued at $7,859,638.11. This trade represents a 37.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO James Caldwell Flores sold 279,081 shares of the firm’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 value 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 $7,390,231.86. The trade was a 38.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,077,406 shares of company stock valued at $17,202,083 in the last ninety days. Corporate insiders own 20.00% 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.