Easterly Investment Partners LLC Takes Position in Sable Offshore Corp. $SOC

Easterly Investment Partners LLC purchased a new stake in Sable Offshore Corp. (NYSE:SOC) in the 4th quarter, Holdings Channel.com reports. The firm purchased 232,000 shares of the company’s stock, valued at approximately $2,093,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. NewEdge Advisors LLC boosted its holdings in shares of Sable Offshore by 36.2% in the 1st 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sable Offshore by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after buying an additional 1,271 shares during the period. Bleakley Financial Group LLC boosted its holdings in shares of Sable Offshore by 4.4% in the 3rd quarter. Bleakley Financial Group LLC now owns 50,949 shares of the company’s stock valued at $890,000 after buying an additional 2,167 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Sable Offshore by 65.1% in the 2nd 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 period. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Sable Offshore in the 4th quarter valued at about $37,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Price Performance

NYSE SOC opened at $13.04 on Tuesday. The company’s 50 day simple moving average is $14.48 and its 200 day simple moving average is $10.90. Sable Offshore Corp. has a 12 month low of $3.72 and a 12 month high of $32.18. The company has a market capitalization of $2.01 billion, a P/E ratio of -3.05 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last released its earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates 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, analysts anticipate that Sable Offshore Corp. will post 0.86 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on SOC. Wall Street Zen raised shares of Sable Offshore from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Jefferies Financial Group reduced their target price on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Roth Mkm set a $22.00 target price on shares of Sable Offshore in a research note on Monday. Finally, Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Sable Offshore currently has a consensus rating of “Hold” and a consensus price target of $22.00.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, COO James Caldwell Flores sold 279,081 shares of the company’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 transaction, the chief operating officer owned 442,794 shares in the company, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gregory D. Patrinely sold 279,081 shares of the business’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 transaction of $4,657,861.89. Following the completion of the sale, the executive vice president directly owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,077,406 shares of company stock worth $17,202,083. 36.36% of the stock is currently owned by company insiders.

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.