Sable Offshore (NYSE:SOC) Downgraded by Wall Street Zen to Sell

Sable Offshore (NYSE:SOC) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

A number of other research firms have also recently issued reports on SOC. Roth Mkm set a $22.00 price target on shares of Sable Offshore in a research note on Monday. Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Tuesday. Jefferies Financial Group dropped their price target on shares of 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 reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Three equities 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 company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Stock Performance

Sable Offshore stock opened at $12.27 on Friday. The company’s fifty day moving average price is $14.20 and its 200 day moving average price is $11.08. Sable Offshore has a 1 year low of $3.72 and a 1 year high of $32.18. The stock has a market capitalization of $1.89 billion, a P/E ratio of -2.87 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $16.10 million. Sell-side analysts predict that Sable Offshore will post 0.04 EPS for the current year.

Insiders Place Their Bets

In other Sable Offshore news, COO James Caldwell Flores sold 39,311 shares of Sable Offshore stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the chief operating officer owned 562,740 shares of the company’s stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 39,311 shares of Sable Offshore stock in a transaction 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 directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. This trade 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 a total of 1,077,406 shares of company stock valued at $17,202,083 in the last 90 days. 36.36% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its stake in Sable Offshore by 224.7% during the 1st quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock worth $21,395,000 after purchasing an additional 896,258 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Sable Offshore by 135.1% during the 1st quarter. Janus Henderson Group PLC now owns 56,200 shares of the company’s stock worth $927,000 after acquiring an additional 32,300 shares during the period. Sunbelt Securities Inc. raised its holdings in shares of Sable Offshore by 7.5% during the 1st quarter. Sunbelt Securities Inc. now owns 72,000 shares of the company’s stock worth $1,189,000 after acquiring an additional 5,000 shares during the period. Royal Bank of Canada raised its holdings in shares of Sable Offshore by 22.3% during the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after acquiring an additional 895 shares during the period. Finally, Evercore Wealth Management LLC raised its holdings in shares of Sable Offshore by 31.7% during the 1st quarter. Evercore Wealth Management LLC now owns 20,750 shares of the company’s stock worth $343,000 after acquiring an additional 5,000 shares during the period. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.