Legacy Wealth Advisors LLC Sells 262,273 Shares of Sable Offshore Corp. $SOC

Legacy Wealth Advisors LLC lessened its position in Sable Offshore Corp. (NYSE:SOC) by 72.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 100,000 shares of the company’s stock after selling 262,273 shares during the period. Sable Offshore makes up about 0.8% of Legacy Wealth Advisors LLC’s investment portfolio, making the stock its 23rd biggest holding. Legacy Wealth Advisors LLC’s holdings in Sable Offshore were worth $1,652,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp bought a new position in shares of Sable Offshore during the first quarter worth $29,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Sable Offshore in the 4th quarter valued at $37,000. Aster Capital Management DIFC Ltd increased its position in shares of Sable Offshore by 263.2% in the 4th 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 in the last quarter. NewEdge Advisors LLC raised its stake 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 buying an additional 650 shares during the period. Finally, Emerald Mutual Fund Advisers Trust acquired a new stake in Sable Offshore during the 1st quarter worth $88,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Sable Offshore

In other news, COO James Caldwell Flores sold 39,311 shares of the business’s stock in a transaction dated Wednesday, April 29th. The stock was 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 in the company, 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 document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 39,311 shares of the company’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the transaction, the executive vice president directly owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. 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 have sold 240,163 shares of company stock valued at $3,228,498 in the last 90 days. 20.00% of the stock is currently owned by company insiders.

Sable Offshore Stock Up 4.8%

Shares of SOC stock opened at $4.34 on Friday. Sable Offshore Corp. has a 12-month low of $2.88 and a 12-month high of $32.18. The firm has a fifty day moving average of $9.94 and a 200-day moving average of $11.36. The company has a market capitalization of $669.92 million, a price-to-earnings ratio of -1.02 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last posted 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 for the quarter, compared to analyst estimates of $16.10 million. On average, equities analysts expect that Sable Offshore Corp. will post -0.36 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Roth Capital dropped their price target on Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Jefferies Financial Group cut their price objective on Sable Offshore from $24.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Three 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 MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.33.

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.