HOUSTON – In a recent move, Sable Offshore Corp.'s (NYSE:SOC) Executive Vice President and Chief Operating Officer, Bourgeois Doss R, has sold a significant number of shares in the company. According to the latest SEC filings, the executive sold a total of 200,000 shares of common stock over two separate transactions on May 20 and May 21.
The first sale on May 20 involved 95,000 shares at a weighted average price of $13.7212, with individual sales prices ranging from $13.35 to $13.805. The following day, an additional 105,000 shares were sold at a weighted average price of $13.2871, with the transactions occurring at prices between $13.195 to $13.60. Collectively, these sales amounted to over $2.69 million for the EVP.
After these transactions, Doss R still maintains a substantial position in the company, with 650,000 shares of Sable Offshore Corp. remaining under his ownership.
Investors often keep a close eye on insider trading activities, as they can provide insights into the executives' perspectives on the company's current valuation and future prospects. While the reasons behind Doss R's decision to sell are not detailed in the filings, the disclosed sales are part of the public record and offer transparency regarding executive transactions in the company's stock.
Sable Offshore Corp., with its trading symbol SOC, is a player in the crude petroleum and natural gas sector, based in Houston, Texas. The company has a history in the industry and operates under the standard industrial classification of crude petroleum and natural gas.
The filings serve as a formal record of the changes in ownership of the company's securities and are available for public review. As per the SEC requirements, the executive has undertaken to provide full information regarding the number of shares sold at each separate price upon request.
InvestingPro Insights
Amid the recent insider trading activity at Sable Offshore Corp. (NYSE:SOC), investors are keen to understand the company's financial health and future prospects. An analysis of real-time data from InvestingPro provides a snapshot of the company's current financial position. As of the last twelve months as of Q1 2024, Sable Offshore Corp. holds a market capitalization of $767.12 million, indicating its size and scale within the crude petroleum and natural gas sector.
One of the InvestingPro Tips highlights that Sable Offshore Corp. holds more cash than debt on its balance sheet, which can be a positive sign of financial stability. Another tip to consider is that the company has not been profitable over the last twelve months, which is reflected in its negative P/E Ratio of -1.65 and adjusted P/E Ratio of -3.82. This lack of profitability is a critical factor for investors to weigh against any potential growth opportunities.
Despite this, Sable Offshore Corp. has experienced a strong return over the last month with a 24.67% price total return, and a notable price uptick over the last six months, registering a 25.14% total return. This momentum is reflected in the stock's current price being at 90.91% of its 52-week high. These metrics suggest a recent positive market sentiment towards the company's stock.
Investors interested in a deeper dive into Sable Offshore Corp.'s performance and additional InvestingPro Tips can visit InvestingPro. There are several more tips available, which can provide further insights into the company's financials and market position. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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