Sable Offshore (NYSE:SOC) EVP Gregory Patrinely Sells 39,311 Shares

Sable Offshore Corp. (NYSE:SOC) EVP Gregory Patrinely sold 39,311 shares of the company’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the sale, the executive vice president owned 562,740 shares in the company, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sable Offshore Price Performance

SOC opened at $14.34 on Friday. The stock has a market cap of $2.11 billion, a P/E ratio of -3.41 and a beta of -0.10. The stock’s 50 day simple moving average is $13.96 and its 200 day simple moving average is $10.49. Sable Offshore Corp. has a 1-year low of $3.72 and a 1-year high of $35.00.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.20. Research analysts expect that Sable Offshore Corp. will post 1.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC boosted 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 worth $62,000 after purchasing an additional 650 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 purchasing an additional 1,271 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Sable Offshore by 3.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company’s stock worth $559,000 after purchasing an additional 1,856 shares during the last quarter. Bleakley Financial Group LLC boosted its holdings in shares of Sable Offshore by 4.4% during the third quarter. Bleakley Financial Group LLC now owns 50,949 shares of the company’s stock worth $890,000 after purchasing an additional 2,167 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock worth $165,000 after purchasing an additional 2,960 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

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

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SOC. 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 research note on Wednesday, April 22nd. Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Three equities research 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’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.00.

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.