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

Shares of Sable Offshore Corp. (NYSE:SOC) have been given an average recommendation of “Hold” by the five analysts that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $22.00.

Several research firms have issued reports on SOC. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Jefferies Financial Group dropped their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Finally, Wall Street Zen upgraded Sable Offshore from a “sell” rating to a “hold” rating in a report on Saturday.

Insider Buying and Selling

In related news, EVP Gregory D. Patrinely sold 39,311 shares of the company’s 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 executive vice president owned 562,740 shares in the company, valued at $7,630,754.40. This represents a 6.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the company’s 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 $533,070.72. Following the completion of the sale, the insider owned 590,864 shares in the company, valued at approximately $8,012,115.84. This represents a 6.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,077,406 shares of company stock worth $17,202,083 in the last quarter. Company insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

Several institutional investors and hedge funds have recently made changes to their positions in SOC. Alyeska Investment Group L.P. lifted its position in shares of Sable Offshore by 1,504.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after acquiring an additional 10,400,275 shares in the last quarter. Capital International Investors lifted its position in shares of Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after acquiring an additional 9,788,351 shares in the last quarter. FourWorld Capital Management LLC purchased a new stake in shares of Sable Offshore in the fourth quarter valued at $73,113,000. Encompass Capital Advisors LLC lifted its position in shares of Sable Offshore by 60.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after acquiring an additional 5,091,925 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after acquiring an additional 2,975,712 shares in the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Stock Down 0.4%

Shares of SOC stock opened at $14.67 on Tuesday. The stock has a market capitalization of $2.27 billion, a PE ratio of -3.44 and a beta of -0.22. Sable Offshore has a 52-week low of $3.72 and a 52-week high of $33.29. The stock’s 50-day moving average price is $14.78 and its 200 day moving average price is $10.62.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. Analysts expect that Sable Offshore will post 0.86 earnings per share for the current fiscal year.

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.