Anthony Duenner sold 40,743 shares of Sable Offshore (NYSE:SOC) on Tuesday, April 28th, at an average price of $13.33 per share, generating $543,104.19 in proceeds. The transaction was disclosed in a regulatory filing with the Securities and Exchange Commission. Following the sale, Duenner directly held 530,176 shares valued at approximately $7.07 million, representing a 7.14 percent reduction in his ownership stake. The company stated the sale was made to satisfy tax withholding requirements associated with the vesting of equity awards.
Duenner engaged in additional stock transactions in recent weeks. On April 29th, he sold 39,312 shares at an average price of $13.56, totaling $533,070.72. Earlier, on March 31st, he disposed of 279,081 shares at $16.69 each for $4.66 million. These consecutive sales suggest a pattern of liquidating positions tied to compensation arrangements.
Stock market activity reflected modest gains following the insider sale. Shares of Sable Offshore rose $0.40 during trading on Thursday, closing at $14.34, a 2.9 percent increase. Trading volume reached 2,970,250 shares, below the company's average daily volume of 3.49 million shares. Over the preceding twelve months, the stock has ranged between a low of $3.72 and a high of $35.00. The company carries a market capitalization of $2.11 billion.
Institutional investors have continued adjusting their positions. NewEdge Advisors LLC increased its stake by 36.2 percent during the first quarter, acquiring an additional 650 shares. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. expanded its holding by 4.4 percent, adding 1,271 shares. Price T Rowe Associates Inc. grew its position by 3.1 percent in the fourth quarter with an additional 1,856 shares. Hedge funds and other institutional investors collectively own approximately 26.19 percent of outstanding stock.
Wall Street analysts hold mixed views on the company's prospects. Benchmark maintained a hold rating on March 5th, while Weiss Ratings reiterated a sell rating on April 24th. Jefferies Financial Group lowered its price target from $30.00 to $24.00 but retained a buy rating as of April 22nd. Wall Street Zen upgraded the stock from strong sell to sell on April 25th. Three analysts rate the stock as a buy, one as hold, and two as sell. The consensus rating stands at hold, with an average price target of $18.00.
Sable Offshore operates as an independent upstream oil and natural gas company focused on offshore hydrocarbon exploration and production. The company's core operations encompass seismic surveys, exploration and appraisal drilling, production platform installation and operation, and well intervention services across offshore environments.
