Sable Offshore (NYSE:SOC) Trading Down 6.9% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s stock price fell 6.9% during mid-day trading on Wednesday . The company traded as low as $9.45 and last traded at $9.41. 1,425,083 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 9,874,661 shares. The stock had previously closed at $10.11.

Analysts Set New Price Targets

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

Sable Offshore Price Performance

The stock has a 50 day moving average of $6.79 and a 200 day moving average of $17.49. The firm has a market cap of $1.40 billion, a P/E ratio of -2.99 and a beta of 0.40.

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

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim bought 982,645 shares of the business’s stock in a transaction dated 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 completion of the acquisition, the insider owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in Sable Offshore by 389.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock valued at $2,780,000 after acquiring an additional 126,692 shares in the last quarter. FNY Investment Advisers LLC lifted its holdings in shares of Sable Offshore by 380.3% during the third quarter. FNY Investment Advisers LLC now owns 88,490 shares of the company’s stock valued at $1,545,000 after purchasing an additional 70,068 shares in the last quarter. Penn Capital Management Company LLC increased its holdings in Sable Offshore by 24.2% in the 3rd quarter. Penn Capital Management Company LLC now owns 37,130 shares of the company’s stock worth $648,000 after buying an additional 7,232 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in Sable Offshore by 2,673.7% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company’s stock worth $135,000 after buying an additional 7,433 shares during the last quarter. Finally, GM Advisory Group LLC raised its position in Sable Offshore by 1.0% in the 3rd quarter. GM Advisory Group LLC now owns 1,023,149 shares of the company’s stock worth $17,864,000 after buying an additional 9,794 shares during the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.