Sable Offshore (NYSE:SOC) Shares Down 4.6% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s stock price was down 4.6% during trading on Thursday . The stock traded as low as $4.16 and last traded at $4.1990. 3,858,516 shares changed hands during trading, a decline of 44% from the average daily volume of 6,904,643 shares. The stock had previously closed at $4.40.

Analyst Ratings Changes

SOC has been the topic of several recent analyst reports. Roth Mkm lowered their target price on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday. Jefferies Financial Group reduced their price target on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $19.67.

Sable Offshore Stock Performance

The stock’s 50 day simple moving average is $12.23 and its 200 day simple moving average is $11.68. The firm has a market cap of $615.14 million, a PE ratio of -0.93 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The firm had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. As a group, analysts anticipate that Sable Offshore Corp. will post 0.04 earnings per share for the current year.

Insider Transactions at Sable Offshore

In related news, EVP Gregory D. Patrinely sold 40,743 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total value of $543,104.19. Following the completion of the sale, the executive vice president owned 502,051 shares in the company, valued at $6,692,339.83. The trade was a 7.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 40,743 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total value of $543,104.19. Following the completion of the sale, the chief operating officer directly owned 502,051 shares of the company’s stock, valued at approximately $6,692,339.83. This represents a 7.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 240,163 shares of company stock worth $3,228,498. 20.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SOC. Fifth Third Bancorp bought a new stake in shares of Sable Offshore in the 1st quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Sable Offshore during the 4th quarter valued at $37,000. Aster Capital Management DIFC Ltd raised its position in Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares during the period. KBC Group NV lifted its stake in Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.