Cobalt Capital Management Inc. Grows Position in Sable Offshore Corp. $SOC

Cobalt Capital Management Inc. increased its position in Sable Offshore Corp. (NYSE:SOC) by 1,200.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 260,000 shares of the company’s stock after purchasing an additional 240,000 shares during the quarter. Sable Offshore makes up about 1.0% of Cobalt Capital Management Inc.’s investment portfolio, making the stock its 19th largest holding. Cobalt Capital Management Inc. owned about 0.18% of Sable Offshore worth $2,345,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. NewEdge Advisors LLC raised its stake in Sable Offshore by 36.2% during the first 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 last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in Sable Offshore during the fourth quarter valued at $37,000. Aster Capital Management DIFC Ltd raised its stake in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after buying an additional 3,790 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock valued at $165,000 after buying an additional 2,960 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in Sable Offshore by 2,673.7% during the third 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 last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Insider Buying and Selling

In related news, EVP Gregory D. Patrinely sold 39,311 shares of Sable Offshore stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the sale, the executive vice president owned 562,740 shares of the company’s stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of the business’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the sale, the chief operating officer directly owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,077,406 shares of company stock valued at $17,202,083 over the last 90 days. Company insiders own 20.00% of the company’s stock.

Sable Offshore Trading Up 2.6%

Sable Offshore stock opened at $10.25 on Thursday. Sable Offshore Corp. has a 12 month low of $3.72 and a 12 month high of $32.18. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -2.40 and a beta of -0.22. The stock has a fifty day simple moving average of $13.40 and a two-hundred day simple moving average of $11.51.

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

Wall Street Analysts Forecast Growth

SOC has been the subject of a number of recent research reports. Jefferies Financial Group lowered their price objective on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Roth Mkm set a $22.00 price objective on Sable Offshore in a research note on Monday, June 1st. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Three equities research 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. According to MarketBeat.com, Sable Offshore currently has a consensus rating of “Hold” and an average target price of $22.00.

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.