Sable Offshore Corp. (NYSE:SOC - Get Free Report) EVP Gregory Patrinely sold 39,311 shares of Sable Offshore stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the transaction, the executive vice president owned 562,740 shares in the company, valued at $7,630,754.40. The trade was a 6.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Sable Offshore Trading Up 2.9%
Shares of Sable Offshore stock opened at $14.34 on Friday. Sable Offshore Corp. has a twelve month low of $3.72 and a twelve month high of $35.00. The stock has a market capitalization of $2.11 billion, a P/E ratio of -3.41 and a beta of -0.10. The business's fifty day moving average price is $13.96 and its 200 day moving average price is $10.49.
Sable Offshore (NYSE:SOC - Get Free Report) last issued its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating analysts' consensus estimates of ($0.59) by $0.20. As a group, sell-side analysts predict that Sable Offshore Corp. will post 1.47 EPS for the current year.
Institutional Trading of Sable Offshore
A number of hedge funds and other institutional investors have recently modified their holdings of SOC. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore during the fourth quarter worth about $37,000. Aster Capital Management DIFC Ltd increased its position in shares of Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock worth $47,000 after acquiring an additional 3,790 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after acquiring an additional 650 shares during the last quarter. Williams Jones Wealth Management LLC. purchased a new stake in shares of Sable Offshore during the fourth quarter worth about $90,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Sable Offshore during the fourth quarter worth about $97,000. 26.19% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts recently weighed in on SOC shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sable Offshore in a report on Friday, April 24th. Wall Street Zen upgraded Sable Offshore from a "strong sell" rating to a "sell" rating in a report on Saturday, April 25th. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Jefferies Financial Group reduced their target price on Sable Offshore from $30.00 to $24.00 and set a "buy" rating on the stock in a report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $18.00.
Read Our Latest Research Report on SOC
More Sable Offshore News
Here are the key news stories impacting Sable Offshore this week:
- Neutral Sentiment: Anthony Duenner (insider) sold 39,312 shares on April 29 at an average $13.56 (≈ $533,071) and 40,743 shares on April 28 at $13.33 (≈ $543,104). Post-sales he still owns a large stake (~590,864 shares before the later sale disclosures); the filings say the sales were to cover tax withholding on vested awards. Insider Sale - Duenner
- Neutral Sentiment: Gregory D. Patrinely (EVP) sold 39,311 shares on April 29 at $13.56 (≈ $533,057) and 40,743 shares on April 28 at $13.33 (≈ $543,104). After the transactions he still holds a substantial position; the SEC filing cites tax-withholding as the reason for the sales. Insider Sale - Patrinely
- Neutral Sentiment: James Caldwell Flores (COO) sold 39,311 shares on April 29 at $13.56 (≈ $533,057). The filing indicates the sale was executed to satisfy tax withholding obligations related to vested awards; he continues to hold a sizable stake. Insider Sale - Flores
About Sable Offshore
(
Get Free Report)
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.
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