Sable Offshore Corp. $SOC Shares Acquired by Kore Advisors LP

Kore Advisors LP boosted its stake in Sable Offshore Corp. (NYSE:SOC) by 367.1% in the fourth quarter, HoldingsChannel reports. The firm owned 151,045 shares of the company’s stock after buying an additional 118,709 shares during the period. Sable Offshore makes up about 1.0% of Kore Advisors LP’s portfolio, making the stock its 8th largest position. Kore Advisors LP’s holdings in Sable Offshore were worth $1,362,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. NewEdge Advisors LLC grew its holdings in Sable Offshore by 36.2% in the first 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. Whittier Trust Co. of Nevada Inc. acquired a new position in Sable Offshore during the 4th quarter worth approximately $37,000. Tower Research Capital LLC TRC raised its stake in Sable Offshore by 65.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock worth $165,000 after buying an additional 2,960 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Sable Offshore by 2,673.7% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company’s stock worth $135,000 after buying an additional 7,433 shares during the period. Finally, Williams Jones Wealth Management LLC. acquired a new position in Sable Offshore during the 4th quarter worth approximately $90,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other 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 transaction, the insider owned 470,919 shares in the company, valued at $7,859,638.11. This trade represents a 37.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gregory D. Patrinely 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 executive vice president owned 442,794 shares in the company, valued at $7,390,231.86. This represents a 38.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,077,406 shares of company stock worth $17,202,083 over the last 90 days. 36.36% of the stock is currently owned by corporate insiders.

Sable Offshore Stock Down 7.0%

SOC stock opened at $10.90 on Friday. Sable Offshore Corp. has a twelve month low of $3.72 and a twelve month high of $32.18. The stock’s 50 day moving average is $13.68 and its 200-day moving average is $11.34. The firm has a market capitalization of $1.68 billion, a PE ratio of -2.55 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last posted its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share 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 the consensus estimate of $16.10 million. On average, equities research analysts anticipate that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SOC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Roth Mkm set a $22.00 price target on Sable Offshore in a research note on Monday, June 1st. Finally, Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $22.00.

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.