Sable Offshore (NYSE:SOC) Stock Price Down 8.6% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC)’s stock price was down 8.6% during trading on Friday . The company traded as low as $3.79 and last traded at $3.7850. Approximately 3,836,342 shares were traded during trading, a decline of 48% from the average daily volume of 7,346,682 shares. The stock had previously closed at $4.14.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Roth Capital reduced their target price on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Jefferies Financial Group reduced their price objective on Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Wall Street Zen lowered Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.33.

Sable Offshore Trading Down 8.8%

The firm’s 50 day simple moving average is $11.06 and its 200-day simple moving average is $11.58. The stock has a market capitalization of $582.71 million, a price-to-earnings ratio of -0.89 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last posted 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 firm had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. As a group, equities research analysts predict that Sable Offshore Corp. will post -0.27 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, COO James Caldwell Flores sold 39,311 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was 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 $7,630,754.40. This trade represents a 6.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the transaction, the insider directly owned 590,864 shares in the company, valued at $8,012,115.84. The trade was a 6.24% decrease in their ownership of the stock. 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. Insiders sold a total of 240,163 shares of company stock worth $3,228,498 over the last quarter. 20.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently made changes to their positions in SOC. Capital International Investors grew its holdings in Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after buying an additional 9,788,351 shares in the last quarter. Union Square Park Capital Management LLC acquired a new position in shares of Sable Offshore in the third quarter valued at about $2,383,000. JPMorgan Chase & Co. increased its position in Sable Offshore by 389.3% during the third quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock worth $2,780,000 after acquiring an additional 126,692 shares during the period. Encompass Capital Advisors LLC raised its stake in Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after purchasing an additional 5,091,925 shares in the last quarter. Finally, Easterly Investment Partners LLC acquired a new stake in Sable Offshore in the 4th quarter worth about $2,093,000. 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.