Sable Offshore (NYSE:SOC) Shares Down 11.6% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares dropped 11.6% on Tuesday . The stock traded as low as $7.87 and last traded at $7.9690. Approximately 1,098,136 shares changed hands during trading, a decline of 86% from the average daily volume of 7,662,891 shares. The stock had previously closed at $9.01.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Finally, Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Four 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.com, the company currently has a consensus rating of “Hold” and an average price target of $17.00.

Sable Offshore Trading Down 11.9%

The firm’s 50-day moving average is $8.32 and its two-hundred day moving average is $15.85. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -2.43 and a beta of 0.40.

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

Institutional Trading of Sable Offshore

Several hedge funds have recently modified their holdings of the stock. Cooper Creek Partners Management LLC purchased a new position in Sable Offshore in the second quarter valued at $24,465,000. Two Seas Capital LP purchased a new position in Sable Offshore during the second quarter worth $9,708,000. Capital Fund Management S.A. boosted its position in shares of Sable Offshore by 172.6% in the second quarter. Capital Fund Management S.A. now owns 329,083 shares of the company’s stock worth $7,233,000 after acquiring an additional 208,359 shares during the last quarter. Emerald Mutual Fund Advisers Trust increased its holdings in Sable Offshore by 102.1% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 351,887 shares of the company’s stock worth $7,734,000 after purchasing an additional 177,733 shares during the last quarter. Finally, Trek Financial LLC bought a new stake in shares of Sable Offshore during the 3rd quarter valued at about $4,652,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.