Sable Offshore (NYSE:SOC) Shares Gap Down – Time to Sell?

Sable Offshore Corp. (NYSE:SOC) gapped down before the market opened on Monday . The stock had previously closed at $4.71, but opened at $4.49. Sable Offshore shares last traded at $4.47, with a volume of 836,898 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Benchmark restated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Roth Capital reduced their target price on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Jefferies Financial Group reduced their target price on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Finally, Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Three equities 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 stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.33.

Sable Offshore Stock Performance

The firm has a 50-day moving average of $8.56 and a 200-day moving average of $11.12. The firm has a market capitalization of $638.28 million, a P/E ratio of -0.97 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last announced its quarterly 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 business had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. Equities analysts anticipate that Sable Offshore Corp. will post -0.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SOC. Fifth Third Bancorp purchased a new stake in Sable Offshore during the 1st quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Sable Offshore in the fourth quarter valued at about $37,000. Aster Capital Management DIFC Ltd increased its position in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after acquiring an additional 3,790 shares during the period. KBC Group NV increased its position in shares of Sable Offshore by 48.7% in 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. Finally, 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 acquiring an additional 650 shares during the last quarter. 26.19% of the stock is owned by hedge funds and other 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.