Sable Offshore (NYSE:SOC) Shares Down 7.5% – Here’s Why

Shares of Sable Offshore Corp. (NYSE:SOC) fell 7.5% during trading on Thursday . The stock traded as low as $3.86 and last traded at $3.8480. 2,308,252 shares were traded during trading, a decline of 69% from the average session volume of 7,396,917 shares. The stock had previously closed at $4.16.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Jefferies Financial Group decreased their target price on Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Finally, Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Sable Offshore presently has a consensus rating of “Hold” and a consensus price target of $15.33.

Sable Offshore Trading Up 4.8%

The stock’s 50-day moving average price is $9.94 and its 200-day moving average price is $11.36. The company has a market capitalization of $669.92 million, a P/E ratio of -1.02 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last posted its quarterly 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 for the quarter, compared to analyst estimates of $16.10 million. Sell-side analysts expect that Sable Offshore Corp. will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, insider Anthony Duenner sold 40,743 shares of Sable Offshore stock in a transaction that occurred 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 insider directly owned 530,176 shares in the company, valued at $7,067,246.08. The trade was a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 40,743 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $13.33, for a total value of $543,104.19. Following the transaction, the chief operating officer directly owned 502,051 shares of the company’s stock, valued at $6,692,339.83. This trade represents a 7.51% decrease in their ownership of the stock. 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 sold a total of 240,163 shares of company stock worth $3,228,498 over the last ninety days. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Capital International Investors lifted its holdings in Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after purchasing an additional 9,788,351 shares during the period. JPMorgan Chase & Co. grew its position in Sable Offshore by 389.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock valued at $2,780,000 after buying an additional 126,692 shares in the last quarter. Encompass Capital Advisors LLC increased its stake in Sable Offshore by 60.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after buying an additional 5,091,925 shares during the period. Easterly Investment Partners LLC acquired a new position in Sable Offshore during the 4th quarter valued at about $2,093,000. Finally, Purpose Unlimited Inc. acquired a new position in Sable Offshore during the 4th quarter valued at about $1,078,000. 26.19% of the stock is currently owned by institutional investors.

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.