Sable Offshore (NYSE:SOC) Trading Down 10.9% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) fell 10.9% during trading on Wednesday . The company traded as low as $8.19 and last traded at $7.9690. 311,656 shares changed hands during trading, a decline of 94% from the average session volume of 5,496,757 shares. The stock had previously closed at $8.94.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Roth Mkm set a $22.00 target price on shares of Sable Offshore in a research note on Monday, June 1st. Jefferies Financial Group reduced 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. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $22.00.

Sable Offshore Stock Down 11.0%

The stock has a market capitalization of $1.23 billion, a P/E ratio of -1.87 and a beta of -0.22. The company has a 50 day moving average of $13.08 and a 200-day moving average of $11.65.

Sable Offshore (NYSE:SOC) last released its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $16.10 million. Equities analysts forecast that Sable Offshore Corp. will post 0.04 EPS for the current fiscal year.

Insider Activity at Sable Offshore

In related news, EVP Gregory D. Patrinely sold 39,311 shares of the business’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the executive vice president owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of the stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the chief operating officer owned 562,740 shares in the company, valued at approximately $7,630,754.40. This trade represents a 6.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,077,406 shares of company stock valued at $17,202,083 in the last quarter. Insiders own 20.00% of the company’s stock.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp bought a new stake in shares of Sable Offshore in the 1st quarter worth approximately $29,000. NewEdge Advisors LLC grew its stake in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after buying an additional 650 shares during the last quarter. KBC Group NV increased its position in Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after buying an additional 1,026 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new stake in Sable Offshore in the fourth quarter worth $37,000. Finally, Royal Bank of Canada increased its position in Sable Offshore by 22.3% in the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after buying an additional 895 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.