Sable Offshore Corp. (NYSE:SOC) Receives Consensus Recommendation of “Hold” from Analysts

Sable Offshore Corp. (NYSE:SOC) has been given an average recommendation of “Hold” by the seven research firms that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $19.60.

Several research firms recently issued reports on SOC. Jefferies Financial Group decreased their target price on Sable Offshore from $38.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Roth Capital reissued a “buy” rating on shares of Sable Offshore in a research report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Finally, Benchmark cut their target price on shares of Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 4th.

Insider Activity

In related news, major shareholder Global Icav Pilgrim bought 982,645 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The stock was purchased at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the acquisition, the insider owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently bought and sold shares of SOC. SVB Wealth LLC acquired a new position in shares of Sable Offshore during the first quarter worth about $29,000. CWM LLC lifted its stake in Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after acquiring an additional 1,730 shares during the last quarter. Quantbot Technologies LP acquired a new position in Sable Offshore during the 1st quarter worth approximately $48,000. KBC Group NV purchased a new stake in shares of Sable Offshore in the 2nd quarter valued at approximately $46,000. Finally, NewEdge Advisors LLC increased its position 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 during the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Performance

Sable Offshore stock opened at $4.76 on Tuesday. The company has a market capitalization of $689.28 million, a PE ratio of -1.46 and a beta of 0.51. Sable Offshore has a fifty-two week low of $3.72 and a fifty-two week high of $35.00. The firm has a 50 day moving average price of $11.73 and a 200 day moving average price of $21.00.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). As a group, equities research analysts forecast that Sable Offshore will post -6.39 earnings per share for the current year.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.