Sable Offshore (NYSE:SOC) Trading Down 11% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC)’s stock price was down 11% during mid-day trading on Monday . The stock traded as low as $12.50 and last traded at $13.0440. Approximately 4,007,469 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 5,647,787 shares. The stock had previously closed at $14.65.

Analysts Set New Price Targets

Several analysts have issued reports on SOC shares. Wall Street Zen upgraded Sable Offshore from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Jefferies Financial Group dropped their price objective 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. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $22.00.

Sable Offshore Price Performance

The firm has a 50-day moving average price of $14.56 and a 200 day moving average price of $10.86. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -3.00 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last posted its earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. On average, equities analysts anticipate that Sable Offshore Corp. will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Gregory D. Patrinely sold 39,311 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the sale, the chief operating officer directly owned 562,740 shares in the company, valued at $7,630,754.40. This represents a 6.53% 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. Insiders have sold 1,077,406 shares of company stock valued at $17,202,083 over the last 90 days. 36.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently added to or reduced their stakes in SOC. Fifth Third Bancorp acquired a new stake in shares of Sable Offshore in the 1st quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Sable Offshore in the 4th quarter valued at $37,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after purchasing an additional 3,790 shares in the last quarter. KBC Group NV boosted 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 valued at $52,000 after purchasing an additional 1,026 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares in 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.