Sable Offshore (NYSE:SOC) Shares Down 6.7% – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price dropped 6.7% on Tuesday . The company traded as low as $13.75 and last traded at $13.75. Approximately 1,303,526 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 5,709,077 shares. The stock had previously closed at $14.74.

Analysts Set New Price Targets

A number of research firms recently issued reports on SOC. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Wall Street Zen upgraded Sable Offshore from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Jefferies Financial Group dropped their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Sable Offshore presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Stock Down 6.9%

The company has a market cap of $2.12 billion, a price-to-earnings ratio of -3.22 and a beta of -0.22. The company’s 50-day moving average is $14.78 and its 200 day moving average is $10.62.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. Analysts predict that Sable Offshore Corp. will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Anthony Duenner sold 279,081 shares of the firm’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the insider directly owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. This trade represents a 37.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Gregory D. Patrinely sold 279,081 shares of the stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the executive vice president directly owned 442,794 shares of the company’s stock, valued at $7,390,231.86. The trade was a 38.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,077,406 shares of company stock worth $17,202,083 in the last 90 days. Insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently modified their holdings of SOC. HUB Investment Partners LLC purchased a new position in shares of Sable Offshore in the third quarter worth about $1,659,000. CenterBook Partners LP purchased a new stake in Sable Offshore during the 3rd quarter valued at about $2,864,000. Union Square Park Capital Management LLC purchased a new stake in Sable Offshore during the 3rd quarter valued at about $2,383,000. ANTIPODES PARTNERS Ltd acquired a new stake in Sable Offshore in the 3rd quarter valued at about $6,752,000. Finally, Vanguard Group Inc. lifted its stake in Sable Offshore by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company’s stock worth $80,001,000 after purchasing an additional 108,504 shares in 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.