Sable Offshore (NYSE:SOC) Trading Down 5.3% – Here’s Why

Shares of Sable Offshore Corp. (NYSE:SOC) traded down 5.3% on Tuesday . The company traded as low as $12.57 and last traded at $12.4290. 475,184 shares were traded during mid-day trading, a decline of 91% from the average session volume of 5,569,855 shares. The stock had previously closed at $13.12.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Roth Mkm set a $22.00 price target on Sable Offshore in a research note on Monday, June 1st. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.00.

Sable Offshore Price Performance

The company has a market cap of $1.84 billion, a price-to-earnings ratio of -2.80 and a beta of -0.22. The stock has a 50-day moving average price of $14.10 and a 200 day moving average price of $11.18.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. Sell-side analysts expect that Sable Offshore Corp. will post 0.04 EPS for the current fiscal year.

Insider Transactions at Sable Offshore

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the executive vice president owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,070.72. Following the transaction, the insider owned 590,864 shares of the company’s stock, valued at approximately $8,012,115.84. This trade represents a 6.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,077,406 shares of company stock valued at $17,202,083 over the last 90 days. 36.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp bought a new position in Sable Offshore during the 1st quarter worth about $29,000. NewEdge Advisors LLC increased its holdings in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares in the last quarter. KBC Group NV increased its holdings in Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in Sable Offshore during the 4th quarter worth about $37,000. Finally, Royal Bank of Canada increased its holdings in Sable Offshore by 22.3% during the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after purchasing an additional 895 shares in the last quarter. Institutional investors own 26.19% of the company’s stock.

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.