Sable Offshore (NYSE:SOC) Stock Price Down 15.1% – Here’s Why

Sable Offshore Corp. (NYSE:SOC) was down 15.1% during trading on Thursday . The stock traded as low as $6.54 and last traded at $7.7540. Approximately 6,092,109 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 6,486,322 shares. The stock had previously closed at $9.13.

Wall Street Analyst Weigh In

SOC has been the subject of a number of research reports. Benchmark reissued a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a report on Monday, December 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Finally, Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Sable Offshore presently has an average rating of “Hold” and an average target price of $17.00.

Sable Offshore Stock Performance

The firm has a market cap of $1.12 billion, a PE ratio of -2.38 and a beta of 0.41. The stock has a 50-day simple moving average of $9.48 and a two-hundred day simple moving average of $13.43.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 worth $761,000 after purchasing an additional 1,271 shares during the period. NewEdge Advisors LLC boosted its position in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the period. CWM LLC raised its position in shares of Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after purchasing an additional 1,730 shares during the period. AlphaQuest LLC purchased a new position in shares of Sable Offshore during the 2nd quarter valued at $568,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Sable Offshore in the 2nd quarter worth $433,000. Institutional investors own 26.19% of the company’s stock.

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.