Sable Offshore (NYSE:SOC) Trading Down 6% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC)’s share price dropped 6% during trading on Tuesday . The company traded as low as $9.80 and last traded at $10.0290. Approximately 1,278,868 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 8,748,887 shares. The stock had previously closed at $10.67.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SOC. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Cowen reiterated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Roth Capital restated a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Finally, Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Thursday, January 8th. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $19.60.

Sable Offshore Trading Up 2.9%

The business’s 50-day simple moving average is $7.01 and its two-hundred day simple moving average is $16.98. The company has a market capitalization of $1.68 billion, a PE ratio of -3.56 and a beta of 0.40.

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

Institutional Trading of Sable Offshore

Institutional investors have recently added to or reduced their stakes in the stock. Cooper Creek Partners Management LLC bought a new stake in Sable Offshore during the second quarter valued at $24,465,000. Two Seas Capital LP bought a new position in shares of Sable Offshore in the 2nd quarter worth about $9,708,000. Capital Fund Management S.A. boosted its holdings in shares of Sable Offshore by 172.6% in the 2nd quarter. Capital Fund Management S.A. now owns 329,083 shares of the company’s stock valued at $7,233,000 after buying an additional 208,359 shares during the period. Emerald Mutual Fund Advisers Trust grew its position in shares of Sable Offshore by 102.1% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 351,887 shares of the company’s stock valued at $7,734,000 after buying an additional 177,733 shares during the last quarter. Finally, Emerald Advisers LLC grew its position in shares of Sable Offshore by 110.2% during the 2nd quarter. Emerald Advisers LLC now owns 611,613 shares of the company’s stock valued at $13,443,000 after buying an additional 320,589 shares during the last quarter. 26.19% of the stock is 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.