Sable Offshore (NYSE:SOC) Sets New 52-Week Low – Time to Sell?

Shares of Sable Offshore Corp. (NYSE:SOC) reached a new 52-week low on Friday . The company traded as low as $4.79 and last traded at $4.82, with a volume of 6579065 shares changing hands. The stock had previously closed at $5.68.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Benchmark decreased their price target on Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday. Roth Capital set a $26.00 target price on shares of Sable Offshore in a report on Monday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $20.50.

Sable Offshore Stock Performance

The stock has a market cap of $479.64 million, a P/E ratio of -1.42 and a beta of 0.46. The stock has a 50-day moving average price of $18.03 and a 200-day moving average price of $22.97.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Sell-side analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the stock in a transaction dated Wednesday, October 15th. The shares were purchased at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the transaction, the insider owned 10,933,394 shares in the company, valued at $164,438,245.76. This represents a 9.88% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC raised its position in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares in the last quarter. SVB Wealth LLC purchased a new position in shares of Sable Offshore in the 1st quarter worth about $29,000. Townsquare Capital LLC increased its position in shares of Sable Offshore by 12.3% during the 1st quarter. Townsquare Capital LLC now owns 11,338 shares of the company’s stock valued at $288,000 after purchasing an additional 1,242 shares during the last quarter. US Bancorp DE raised its holdings in shares of Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company’s stock valued at $83,000 after buying an additional 1,258 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after buying an additional 1,271 shares in the last quarter. Institutional investors own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.