Sable Offshore
SOC on NYSE. Crude petroleum & natural gas. Market value $666m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-81.57 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.57 a share, 24% above its 1-year low
Over the past year the price has ranged from $2.88 to $20.74.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | $0 | $0 |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | 0.00 | 1.72 |
| Shares outstanding | ||||
| Shares outstanding | n/a | 0.01bn | 0.09bn | 0.19bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- Debt1.72× equity
- Revenue growth, five yearsUnknown
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $64 million, compared with a loss of $128 million a year ago.
- 68% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $947 million more than cash, up from $628 million a year ago.
| Quarter to | Amount |
|---|---|
| June 2024 | $0 |
| September 2024 | $0 |
| March 2025 | $0 |
| June 2025 | $0 |
| September 2025 | $0 |
| December 2025 | $0 |
| March 2026 | $1m |
| June 2026 | $137m |
| Quarter to | Amount |
|---|---|
| June 2024 | -$165m |
| September 2024 | -$256m |
| March 2025 | -$110m |
| June 2025 | -$128m |
| September 2025 | -$110m |
| December 2025 | -$62m |
| March 2026 | -$197m |
| June 2026 | -$64m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 245 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $129,800 | <0.1% | New |
| GAMCO InvestorsMario Gabelli | $63,402 | <0.1% | Cut |
Largest holders overall
- Pilgrim Global Advisors$56m
- Encompass Capital Advisors$45mAdded
- Continental General Insurance$44mAdded
- BlackRock$33mAdded
- Morgan Stanley$26mAdded
- Two Seas Capital LP$26mAdded
- State Street$24mAdded
- FourWorld Capital Management$21mCut
- Capital International Investors$19mCut
- Vanguard Capital Management$18mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
10 investors own more than 5%.
- Darren MaupinPassive investorat least 12.9%+2.4 pts(filed with 2 related holders)Since 31 December 2025
- CONTINENTAL GENERAL INSURANCE COPassive investorat least 9.3%+2.4 pts(filed with 3 related holders)Since 31 March 2026
- Encompass Capital Advisors LLCPassive investorat least 8.4%+3.2 pts(filed with 2 related holders)Since 30 September 2025
- BlackRock, Inc.Passive investor6.2%+1.6 ptsSince 31 March 2026
- FourWorld Capital Management LLCPassive investorat least 5.8%(filed with 1 related holder)Since 31 December 2025
- Two Seas Capital LPPassive investorat least 5.4%(filed with 2 related holders)Since 30 June 2026
- STATE STREET CORPORATIONPassive investor5.1%Since 30 June 2026
- Adage Capital Management, L.P.Passive investorat least 3.6%(filed with 3 related holders)Since 31 December 2024
- G1 Execution Services, LLCPassive investorat least 2.3%−5.3 pts(filed with 2 related holders)Since 31 December 2025
- Alyeska Investment Group, L.P.Passive investorat least 1.8%−5.8 pts(filed with 2 related holders)Since 31 March 2026
- Capital International InvestorsPassive investorSold down below 5%Since 30 June 2026
- Morgan StanleyPassive investorSold down below 5%Since 31 August 2026
- FMR LLCPassive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Darren Maupin Passive investor | at least 12.9%+2.4 pts (filed with 2 related holders) | 31 December 2025 | |
CONTINENTAL GENERAL INSURANCE CO Passive investor | at least 9.3%+2.4 pts (filed with 3 related holders) | 31 March 2026 | |
Encompass Capital Advisors LLC Passive investor | at least 8.4%+3.2 pts (filed with 2 related holders) | 30 September 2025 | |
BlackRock, Inc. Passive investor | 6.2%+1.6 pts | 31 March 2026 | |
FourWorld Capital Management LLC Passive investor | at least 5.8% (filed with 1 related holder) | 31 December 2025 | |
Two Seas Capital LP Passive investor | at least 5.4% (filed with 2 related holders) | 30 June 2026 | |
STATE STREET CORPORATION Passive investor | 5.1% | 30 June 2026 | |
Adage Capital Management, L.P. Passive investor | at least 3.6% (filed with 3 related holders) | 31 December 2024 | |
G1 Execution Services, LLC Passive investor | at least 2.3%−5.3 pts (filed with 2 related holders) | 31 December 2025 | |
Alyeska Investment Group, L.P. Passive investor | at least 1.8%−5.8 pts (filed with 2 related holders) | 31 March 2026 | |
Capital International Investors Passive investor | Sold down below 5% | 30 June 2026 | |
Morgan Stanley Passive investor | Sold down below 5% | 31 August 2026 | |
FMR LLC Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $19m.
- Flores James CaldwellPresident, COOSold
- Date
- 29 April 2026
- Shares
- 39,311
- Price
- $13.56
- Value
- $533,057
- Duenner AnthonySee RemarksSold
- Date
- 29 April 2026
- Shares
- 39,312
- Price
- $13.56
- Value
- $533,071
- Patrinely Gregory D.EVP, CFOSold
- Date
- 29 April 2026
- Shares
- 39,311
- Price
- $13.56
- Value
- $533,057
- FLORES JAMES CChairman & CEO, DirectorSold
- Date
- 29 April 2026
- Shares
- 68,792
- Price
- $13.56
- Value
- $932,820
- Flores James CaldwellPresident, COOSold
- Date
- 28 April 2026
- Shares
- 40,743
- Price
- $13.33
- Value
- $543,104
- Duenner AnthonySee RemarksSold
- Date
- 28 April 2026
- Shares
- 40,743
- Price
- $13.33
- Value
- $543,104
- Patrinely Gregory D.EVP, CFOSold
- Date
- 28 April 2026
- Shares
- 40,743
- Price
- $13.33
- Value
- $543,104
- FLORES JAMES CChairman & CEO, DirectorSold
- Date
- 28 April 2026
- Shares
- 71,297
- Price
- $13.33
- Value
- $950,389
- Flores James CaldwellPresident, COOSold
- Date
- 31 March 2026
- Shares
- 279,081
- Price
- $16.69
- Value
- $5m
- Duenner AnthonySee RemarksSold
- Date
- 31 March 2026
- Shares
- 279,081
- Price
- $16.69
- Value
- $5m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 April 2026 | Flores James Caldwell President, COO | Sold | 39,311 | $13.56 | $533,057 |
| 29 April 2026 | Duenner Anthony See Remarks | Sold | 39,312 | $13.56 | $533,071 |
| 29 April 2026 | Patrinely Gregory D. EVP, CFO | Sold | 39,311 | $13.56 | $533,057 |
| 29 April 2026 | FLORES JAMES C Chairman & CEO, Director | Sold | 68,792 | $13.56 | $932,820 |
| 28 April 2026 | Flores James Caldwell President, COO | Sold | 40,743 | $13.33 | $543,104 |
| 28 April 2026 | Duenner Anthony See Remarks | Sold | 40,743 | $13.33 | $543,104 |
| 28 April 2026 | Patrinely Gregory D. EVP, CFO | Sold | 40,743 | $13.33 | $543,104 |
| 28 April 2026 | FLORES JAMES C Chairman & CEO, Director | Sold | 71,297 | $13.33 | $950,389 |
| 31 March 2026 | Flores James Caldwell President, COO | Sold | 279,081 | $16.69 | $5m |
| 31 March 2026 | Duenner Anthony See Remarks | Sold | 279,081 | $16.69 | $5m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.