Sable Offshore (NYSE:SOC) COO Sells $4,657,861.89 in Stock

Sable Offshore Corp. (NYSE:SOC) COO James Caldwell Flores sold 279,081 shares of the stock in a transaction dated 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Sable Offshore Trading Up 4.5%

Shares of NYSE:SOC traded up $0.66 during trading on Thursday, hitting $15.36. 5,075,569 shares of the company’s stock traded hands, compared to its average volume of 7,158,966. The company has a 50-day moving average price of $11.97 and a 200-day moving average price of $11.45. Sable Offshore Corp. has a 52 week low of $3.72 and a 52 week high of $35.00. The company has a market cap of $2.26 billion, a price-to-earnings ratio of -3.66 and a beta of -0.11.

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

Institutional Investors Weigh In On Sable Offshore

A number of institutional investors have recently added to or reduced their stakes in the business. Whittier Trust Co. of Nevada Inc. acquired a new position in Sable Offshore in the 4th quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares in the last quarter. NewEdge Advisors LLC grew its position 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 worth $62,000 after buying an additional 650 shares during the period. Williams Jones Wealth Management LLC. acquired a new stake in shares of Sable Offshore during the 4th quarter worth approximately $90,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Sable Offshore in the 4th quarter valued at $97,000. 26.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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.