Clough Capital Partners L P Makes New Investment in Sable Offshore Corp. $SOC

Clough Capital Partners L P acquired a new position in Sable Offshore Corp. (NYSE:SOC) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 172,830 shares of the company’s stock, valued at approximately $1,559,000.

A number of other large investors have also added to or reduced their stakes in SOC. Alyeska Investment Group L.P. increased its stake in Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after acquiring an additional 10,400,275 shares during the last quarter. Capital International Investors increased its stake in Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares during the last quarter. FourWorld Capital Management LLC bought a new stake in Sable Offshore in the 4th quarter worth approximately $73,113,000. Vanguard Group Inc. increased its stake in Sable Offshore by 64.9% in the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after acquiring an additional 2,975,712 shares during the last quarter. Finally, Whitefort Capital Management LP bought a new stake in Sable Offshore in the 4th quarter worth approximately $17,235,000. Institutional investors own 26.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group cut their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Stock Performance

NYSE SOC opened at $10.25 on Thursday. The company has a market cap of $1.58 billion, a P/E ratio of -2.40 and a beta of -0.22. The business’s 50 day moving average price is $13.40 and its 200-day moving average price is $11.51. Sable Offshore Corp. has a fifty-two week low of $3.72 and a fifty-two week high of $32.18.

Sable Offshore (NYSE:SOC) last released its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. As a group, equities analysts predict that Sable Offshore Corp. will post 0.04 EPS for the current year.

Insider Activity

In other Sable Offshore news, COO James Caldwell Flores sold 279,081 shares of the company’s 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 chief operating officer owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This represents a 38.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Gregory D. Patrinely sold 279,081 shares of the company’s 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 executive vice president directly owned 442,794 shares in the company, valued at $7,390,231.86. This trade represents a 38.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,077,406 shares of company stock valued at $17,202,083. 20.00% of the stock is currently owned by 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.