Sable Offshore (NYSE:SOC) Shares Up 7.4% – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s share price was up 7.4% during trading on Thursday . The company traded as high as $4.70 and last traded at $4.7050. 4,230,372 shares were traded during mid-day trading, a decline of 43% from the average session volume of 7,425,439 shares. The stock had previously closed at $4.38.

Analyst Ratings Changes

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

Sable Offshore Stock Up 0.6%

The company has a market cap of $723.79 million, a PE ratio of -1.10 and a beta of -0.08. The firm’s 50-day moving average is $9.00 and its 200-day moving average is $11.18.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate 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. As a group, equities research analysts anticipate that Sable Offshore Corp. will post -0.36 EPS for the current fiscal year.

Insider Transactions at Sable Offshore

In related news, COO James Caldwell Flores sold 40,743 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total value of $543,104.19. Following the sale, the chief operating officer directly owned 502,051 shares of the company’s stock, valued at $6,692,339.83. This represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 40,743 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total value of $543,104.19. Following the completion of the transaction, the executive vice president owned 502,051 shares of the company’s stock, valued at approximately $6,692,339.83. This trade represents a 7.51% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 240,163 shares of company stock valued at $3,228,498. Corporate insiders own 20.00% of the company’s stock.

Institutional Trading of Sable Offshore

A number of hedge funds have recently modified their holdings of SOC. Encompass Capital Advisors LLC increased its stake in shares of 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 acquiring an additional 5,091,925 shares in the last quarter. Capital International Investors boosted its stake in Sable Offshore by 542.6% during the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares in the last quarter. Alyeska Investment Group L.P. boosted its stake in Sable Offshore by 1,504.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after acquiring an additional 10,400,275 shares in the last quarter. FourWorld Capital Management LLC purchased a new stake in Sable Offshore in the fourth quarter worth about $73,113,000. Finally, Vanguard Group Inc. grew its holdings in Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the period. 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.