Brokerages Set Sable Offshore Corp. (NYSE:SOC) Target Price at $18.00

Sable Offshore Corp. (NYSE:SOC) has been given an average recommendation of “Hold” by the six research firms that are presently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $18.00.

SOC has been the topic of a number of recent analyst reports. Jefferies Financial Group dropped their price objective on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th.

Insider Activity

In other news, EVP Gregory D. Patrinely sold 279,081 shares of the business’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the executive vice president directly owned 442,794 shares of the company’s stock, valued at $7,390,231.86. The trade was a 38.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO James Caldwell Flores sold 279,081 shares of the business’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the chief operating officer directly owned 442,794 shares in the company, valued at $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,077,406 shares of company stock valued at $17,202,083 in the last ninety days. 36.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its stake in shares of Sable Offshore by 62.9% in the 1st quarter. Bank of New York Mellon Corp now owns 323,743 shares of the company’s stock valued at $5,348,000 after purchasing an additional 125,017 shares during the period. Emerald Mutual Fund Advisers Trust acquired a new position in Sable Offshore during the 1st quarter worth approximately $88,000. Fifth Third Bancorp acquired a new position in Sable Offshore during the 1st quarter worth approximately $29,000. Hsbc Holdings PLC acquired a new position in Sable Offshore during the 1st quarter worth approximately $1,663,000. Finally, Kestra Advisory Services LLC raised its stake in Sable Offshore by 211.2% during the 1st quarter. Kestra Advisory Services LLC now owns 33,521 shares of the company’s stock worth $554,000 after buying an additional 22,750 shares during the period. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Trading Down 1.6%

NYSE SOC opened at $14.27 on Friday. The business’s 50-day moving average price is $14.07 and its two-hundred day moving average price is $10.39. Sable Offshore has a 12 month low of $3.72 and a 12 month high of $35.00. The firm has a market capitalization of $2.10 billion, a PE ratio of -3.40 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. As a group, analysts forecast that Sable Offshore will post 1.47 earnings per share for the current fiscal year.

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.