Sable Offshore (NYSE:SOC) Shares Down 6.7% – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price was down 6.7% during mid-day trading on Tuesday . The company traded as low as $13.75 and last traded at $13.75. Approximately 1,303,526 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 5,709,077 shares. The stock had previously closed at $14.74.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SOC shares. Jefferies Financial Group decreased their price objective on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Sable Offshore from a “sell” rating to a “hold” rating in a research note on Saturday. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $22.00.

Sable Offshore Trading Down 6.9%

The stock has a 50-day moving average price of $14.78 and a two-hundred day moving average price of $10.62. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -3.22 and a beta of -0.22.

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 business had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. Research analysts predict that Sable Offshore Corp. will post 0.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the business’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the executive vice president directly owned 562,740 shares of the company’s stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of the company’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the transaction, the chief operating officer directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. 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 quarter, insiders have sold 1,077,406 shares of company stock valued at $17,202,083. Insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

Several large investors have recently added to or reduced their stakes in SOC. Fifth Third Bancorp purchased a new position in shares of Sable Offshore in the first quarter worth about $29,000. NewEdge Advisors LLC boosted its position in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the last quarter. KBC Group NV increased its holdings in Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after buying an additional 1,026 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new position in Sable Offshore during the 4th quarter worth approximately $37,000. Finally, Royal Bank of Canada raised its position 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 buying an additional 895 shares during the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

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.