Sable Offshore Corp. (NYSE:SOC) Sees Large Decrease in Short Interest

Sable Offshore Corp. (NYSE:SOC) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totaling 24,624,255 shares, a drop of 21.0% from the March 15th total of 31,164,682 shares. Based on an average daily volume of 6,530,712 shares, the short-interest ratio is presently 3.8 days. Currently, 26.3% of the company’s shares are short sold.

Sable Offshore Stock Down 8.6%

Shares of SOC traded down $1.23 during trading hours on Friday, reaching $13.14. 3,845,624 shares of the company traded hands, compared to its average volume of 4,952,405. The company’s fifty day moving average price is $13.01 and its two-hundred day moving average price is $10.82. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -3.13 and a beta of -0.10. Sable Offshore has a 12 month low of $3.72 and a 12 month high of $35.00.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data 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 expect that Sable Offshore will post -6.39 EPS for the current year.

Wall Street Analyst Weigh In

SOC has been the topic of a number of recent analyst reports. Jefferies Financial Group raised their price target on shares of Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday, March 30th. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Three investment 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. According to MarketBeat.com, Sable Offshore has an average rating of “Hold” and a consensus target price of $19.50.

Insider Activity at Sable Offshore

In related news, insider Anthony Duenner sold 279,081 shares of the stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the insider owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. This trade represents a 37.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gregory D. Patrinely sold 279,081 shares of the stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the executive vice president directly owned 442,794 shares in the company, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 837,243 shares of company stock valued at $13,973,586. Insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SOC. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Sable Offshore during the fourth quarter valued at $37,000. Aster Capital Management DIFC Ltd lifted its holdings 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 valued at $47,000 after purchasing an additional 3,790 shares in the last quarter. NewEdge Advisors LLC lifted its holdings 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 valued at $62,000 after purchasing an additional 650 shares in the last quarter. Williams Jones Wealth Management LLC. purchased a new position in shares of Sable Offshore during the fourth quarter valued at approximately $90,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Sable Offshore during the fourth quarter valued at approximately $97,000. 26.19% of the stock is owned by institutional investors.

Sable Offshore Company 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.