Sable Offshore (NYSE:SOC) Shares Up 10.2% – Should You Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price shot up 10.2% during trading on Monday . The stock traded as high as $13.16 and last traded at $13.5020. 286,516 shares changed hands during trading, a decline of 95% from the average session volume of 5,587,790 shares. The stock had previously closed at $12.25.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SOC. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Roth Mkm set a $22.00 target price on shares of Sable Offshore in a report on Monday, June 1st. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $22.00.

Sable Offshore Trading Up 8.6%

The business’s fifty day moving average is $14.20 and its 200 day moving average is $11.12. The firm has a market capitalization of $2.05 billion, a P/E ratio of -3.11 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last released its 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 company had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. As a group, sell-side analysts predict that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Anthony Duenner sold 39,312 shares of Sable Offshore stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,070.72. Following the transaction, the insider directly owned 590,864 shares of the company’s stock, valued at $8,012,115.84. This trade represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 39,311 shares of the business’s stock in a transaction that occurred 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 owned 562,740 shares in the company, valued at $7,630,754.40. This represents a 6.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,077,406 shares of company stock worth $17,202,083 in the last ninety days. 36.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently made changes to their positions in the company. Fifth Third Bancorp acquired a new stake in shares of Sable Offshore during the first quarter valued at approximately $29,000. NewEdge Advisors LLC raised its holdings 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 acquiring an additional 650 shares during the period. KBC Group NV raised its holdings in shares of Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after acquiring an additional 1,026 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Sable Offshore during the fourth quarter valued at approximately $37,000. Finally, Royal Bank of Canada raised its holdings in shares of Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after acquiring an additional 895 shares during the period. 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.