Sable Offshore (NYSE:SOC) Shares Gap Down – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares gapped down before the market opened on Monday . The stock had previously closed at $5.29, but opened at $5.05. Sable Offshore shares last traded at $5.0440, with a volume of 3,132,081 shares changing hands.

Analyst Ratings Changes

Several brokerages have commented on SOC. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Wall Street Zen lowered Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Roth Capital reduced their price objective on Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Finally, Jefferies Financial Group cut their price objective on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a report on Monday, July 6th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.33.

Sable Offshore Stock Down 7.2%

The firm has a 50 day moving average price of $7.57 and a 200 day moving average price of $10.92. The stock has a market cap of $690.76 million, a PE ratio of -1.05 and a beta of -0.15.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results 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 firm had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. Equities analysts forecast that Sable Offshore Corp. will post -0.36 earnings per share for the current year.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds have recently bought and sold shares of SOC. NewEdge Advisors LLC increased its holdings in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares in the last quarter. Royal Bank of Canada lifted its position in Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after buying an additional 895 shares in the last quarter. KBC Group NV boosted its holdings in Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after purchasing an additional 1,026 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sable Offshore by 4.4% during 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 last quarter. Finally, Fifth Third Bancorp acquired a new stake in Sable Offshore in the 1st quarter valued at approximately $29,000. 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.