Sable Offshore Corp. (NYSE:SOC) Receives Average Rating of “Hold” from Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC) have earned an average rating of “Hold” from the six research firms that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $22.00.

A number of research analysts have commented on SOC shares. Roth Mkm set a $22.00 price objective on Sable Offshore in a research report on Monday, June 1st. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group cut their price target on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th.

Insider Buying and Selling at Sable Offshore

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the business’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the transaction, the executive vice president owned 562,740 shares of the company’s stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of the company’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the chief operating officer owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 1,077,406 shares of company stock valued at $17,202,083. Corporate insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fifth Third Bancorp bought a new stake in shares of Sable Offshore in the first quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Sable Offshore in the fourth quarter worth about $37,000. Aster Capital Management DIFC Ltd increased its holdings in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after acquiring an additional 3,790 shares in the last quarter. KBC Group NV increased its holdings in shares of Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after acquiring an additional 1,026 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings 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 acquiring an additional 650 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Stock Performance

Shares of SOC opened at $7.92 on Friday. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -1.85 and a beta of -0.22. The business’s fifty day moving average price is $12.98 and its two-hundred day moving average price is $11.67. Sable Offshore has a 52 week low of $3.72 and a 52 week high of $32.18.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. As a group, research analysts forecast that Sable Offshore will post 0.04 EPS for the current year.

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.