Sable Offshore (NYSE:SOC) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research lowered shares of Sable Offshore (NYSE:SOC) from a hold rating to a strong sell rating in a report released on Wednesday,Zacks.com reports.

Several other research firms have also issued reports on SOC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Roth Mkm set a $22.00 price target on shares of Sable Offshore in a research report on Monday. Wall Street Zen raised shares of Sable Offshore from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Jefferies Financial Group dropped their price target on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Finally, Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Tuesday. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Sable Offshore has an average rating of “Hold” and an average target price of $22.00.

Sable Offshore Stock Up 2.2%

Shares of SOC stock opened at $13.53 on Wednesday. The company’s fifty day simple moving average is $14.31 and its 200-day simple moving average is $11.07. The firm has a market cap of $2.09 billion, a PE ratio of -3.17 and a beta of -0.22. Sable Offshore has a 12 month low of $3.72 and a 12 month high of $32.18.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) 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 analyst estimates of $16.10 million. On average, equities analysts predict that Sable Offshore will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other Sable Offshore news, insider Anthony Duenner 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 value of $4,657,861.89. Following the completion of the sale, the insider owned 470,919 shares in the company, valued at $7,859,638.11. The trade was a 37.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO James Caldwell Flores sold 279,081 shares of Sable Offshore stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the chief operating officer owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This trade represents a 38.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,077,406 shares of company stock valued at $17,202,083 over the last ninety days. 36.36% of the stock is currently owned by company insiders.

Institutional Trading of Sable Offshore

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp acquired a new stake in Sable Offshore in the 1st quarter worth about $29,000. NewEdge Advisors LLC raised its stake in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares in the last quarter. KBC Group NV raised its stake 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 purchasing an additional 1,026 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in Sable Offshore in the 4th quarter worth about $37,000. Finally, Royal Bank of Canada raised its stake in Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after purchasing an additional 895 shares in the last quarter. Institutional investors and hedge funds 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.