Sable Offshore (NYSE:SOC) Trading Down 8.2% – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s share price traded down 8.2% during trading on Wednesday . The company traded as low as $12.91 and last traded at $12.8530. 1,611,092 shares were traded during mid-day trading, a decline of 73% from the average session volume of 5,952,569 shares. The stock had previously closed at $14.00.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Jefferies Financial Group decreased their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, April 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.00.

Sable Offshore Price Performance

The company has a market cap of $2.02 billion, a price-to-earnings ratio of -3.07 and a beta of -0.22. The firm’s fifty day moving average price is $14.53 and its 200-day moving average price is $10.42.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate 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, equities analysts forecast that Sable Offshore Corp. will post 0.86 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Anthony Duenner sold 279,081 shares of the business’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the transaction, the insider owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. The trade was a 37.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Gregory D. Patrinely sold 279,081 shares of Sable Offshore stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the sale, the executive vice president owned 442,794 shares in the company, valued at approximately $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. Over the last quarter, insiders sold 1,077,406 shares of company stock valued at $17,202,083. 36.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently modified their holdings of SOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after purchasing an additional 1,271 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of 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. JPMorgan Chase & Co. raised its stake in shares of Sable Offshore by 29.6% during the second quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock valued at $715,000 after purchasing an additional 7,438 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Sable Offshore by 25.3% during the second quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock valued at $490,000 after purchasing an additional 4,500 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Sable Offshore during the second quarter valued at about $654,000. 26.19% of the stock is currently owned by 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.