Sable Offshore (NYSE:SOC) Stock Price Down 7.1% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) traded down 7.1% during mid-day trading on Wednesday . The stock traded as low as $4.29 and last traded at $4.32. 2,200,395 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 7,421,516 shares. The stock had previously closed at $4.65.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Jefferies Financial Group set a $9.00 target price on Sable Offshore in a research report on Wednesday. Roth Capital restated a “buy” rating and set a $11.00 price target on shares of Sable Offshore in a research note on Tuesday. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Sable Offshore has an average rating of “Hold” and an average price target of $13.33.

Sable Offshore Trading Down 8.3%

The company has a market cap of $619.76 million, a price-to-earnings ratio of -1.22 and a beta of -0.15. The company’s 50 day moving average price is $6.30 and its 200 day moving average price is $10.58.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The business had revenue of $137.13 million during the quarter, compared to the consensus estimate of $237.65 million. Sell-side analysts predict that Sable Offshore Corp. will post -2.18 earnings per share for the current year.

Institutional Trading of Sable Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp purchased a new position in Sable Offshore in the first quarter valued at about $29,000. NewEdge Advisors LLC boosted its stake in shares of Sable Offshore by 36.2% during the 1st 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. KBC Group NV grew its holdings in shares of Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after acquiring an additional 1,026 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new position in Sable Offshore in the 4th quarter valued at approximately $37,000. Finally, Royal Bank of Canada raised its holdings 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 purchasing an additional 895 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Company Profile

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.