In a recent transaction, James Caldwell Flores, Chairman and CEO of Sable Offshore Corp. (NYSE:SOC), purchased 100,000 shares of the company's common stock. The acquisition, dated May 20, 2024, was made at a weighted average price of $13.7415 per share, with individual prices ranging from $13.68 to $13.78.
This significant buy, totaling approximately $1.37 million, increases Flores's direct and indirect holdings in Sable Offshore Corp., reflecting his continued commitment to the company. The shares acquired are held indirectly by family limited partnerships, as indicated in the SEC filing.
Investors monitoring insider transactions often view such purchases as a sign of confidence by executives in their company's prospects. With this latest buy, the CEO's stake in Sable Offshore Corp. has grown, demonstrating a strong belief in the future of the business.
The details of this transaction were disclosed in accordance with SEC regulations, which require insiders to report their trading activities. The purchase was made public through a Form 4 filing with the Securities and Exchange Commission, providing transparency and allowing shareholders to stay informed about significant insider trades.
For those interested in Sable Offshore Corp.'s stock performance and insider transactions, additional information is available upon request from the company or the SEC.
InvestingPro Insights
Following the insider purchase by James Caldwell Flores, Chairman and CEO of Sable Offshore Corp. (NYSE:SOC), the market has been keeping a close eye on the company's financial health and stock performance. According to InvestingPro data, Sable Offshore Corp. currently holds a market capitalization of $767.12 million USD and has experienced a strong return over the last month, with a 24.67% increase. This positive momentum is further underscored by a 25.14% price uptick over the last six months, indicating a robust upward trend in the company's stock value.
From a financial standpoint, Sable Offshore Corp. presents a mixed picture. On one hand, the company's cash position is strong, as it holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations, suggesting financial stability and the ability to cover immediate liabilities. On the other hand, the company has not been profitable over the last twelve months, with an operating income adjusted for the last twelve months as of Q1 2024 at a loss of $152.16 million USD. This is reflected in the negative price-to-earnings (P/E) ratio of -3.82, highlighting the challenges the company faces in achieving profitability.
InvestingPro Tips for Sable Offshore Corp. also highlight that while the company suffers from weak gross profit margins, with only $0.16 million USD in gross profit for the last twelve months as of Q1 2024, it does not pay a dividend to shareholders, which could be a consideration for income-focused investors. However, investors interested in the company's potential growth and stock performance may find the recent insider purchase and the stock's recent returns encouraging.
To gain deeper insights into Sable Offshore Corp.'s financials and for additional InvestingPro Tips, interested parties can visit InvestingPro's dedicated page for SOC. There, users will find a total of 7 additional InvestingPro Tips that could further inform investment decisions. For those considering an InvestingPro subscription, use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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