Sable Offshore (NYSE:SOC) Shares Gap Down – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) gapped down prior to trading on Monday . The stock had previously closed at $11.73, but opened at $11.16. Sable Offshore shares last traded at $11.6570, with a volume of 2,668,815 shares traded.

Wall Street Analyst Weigh In

SOC has been the topic of several recent research reports. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Cowen restated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Benchmark reaffirmed a “buy” rating and set a $20.00 target price on shares of Sable Offshore in a report on Friday, January 2nd. Finally, Roth Capital reissued a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $19.60.

Sable Offshore Stock Performance

The firm has a 50 day moving average of $6.79 and a 200-day moving average of $17.49. The stock has a market capitalization of $1.24 billion, a PE ratio of -2.63 and a beta of 0.40.

Sable Offshore (NYSE:SOC) last released its earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.21). On average, sell-side analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were purchased at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the purchase, the insider owned 10,933,394 shares in the company, valued at $164,438,245.76. This represents a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 36.36% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently modified their holdings of SOC. NewEdge Advisors LLC boosted its stake in shares of 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 acquiring an additional 650 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Sable Offshore by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after acquiring an additional 1,271 shares in the last quarter. CWM LLC lifted its holdings in Sable Offshore by 1,262.8% in the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after purchasing an additional 1,730 shares during the last quarter. Salem Investment Counselors Inc. boosted its position in Sable Offshore by 40.0% during the second quarter. Salem Investment Counselors Inc. now owns 7,000 shares of the company’s stock worth $154,000 after purchasing an additional 2,000 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its position in Sable Offshore by 41.3% during the second quarter. Ameritas Investment Partners Inc. now owns 6,985 shares of the company’s stock worth $154,000 after purchasing an additional 2,041 shares during the period. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.