Clear Street Group Inc. Makes New Investment in Sable Offshore Corp. $SOC

Clear Street Group Inc. purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 53,025 shares of the company’s stock, valued at approximately $478,000.

Several other hedge funds also recently bought and sold shares of SOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after buying an additional 1,271 shares in the last quarter. NewEdge Advisors LLC increased its position in 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 buying an additional 650 shares in the last quarter. JPMorgan Chase & Co. increased its position in Sable Offshore by 29.6% during the second quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock worth $715,000 after buying an additional 7,438 shares in the last quarter. New York State Common Retirement Fund increased its position in Sable Offshore by 25.3% during the second quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock worth $490,000 after buying an additional 4,500 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Sable Offshore during the second quarter worth $654,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Insider Activity at Sable Offshore

In related news, EVP Gregory D. Patrinely sold 279,081 shares of Sable Offshore stock in a transaction 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 executive vice president owned 442,794 shares in the company, valued at approximately $7,390,231.86. This trade represents a 38.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anthony Duenner sold 279,081 shares of Sable Offshore stock in a transaction 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 insider owned 470,919 shares in the company, valued at $7,859,638.11. The trade was a 37.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,077,406 shares of company stock worth $17,202,083. 20.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Jefferies Financial Group decreased their price objective on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, April 22nd. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Benchmark restated a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Finally, Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Three research 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Stock Down 2.7%

SOC stock opened at $10.59 on Tuesday. Sable Offshore Corp. has a 52-week low of $3.72 and a 52-week high of $32.18. The stock’s fifty day simple moving average is $13.58 and its 200-day simple moving average is $11.43. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -2.48 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last issued 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 company had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. As a group, analysts anticipate that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

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.