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

Shares of Sable Offshore Corp. (NYSE:SOC) have been given a consensus rating of “Hold” by the six ratings firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $22.00.

Several research analysts have weighed in on SOC shares. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Tuesday, June 2nd. Roth Mkm set a $22.00 price objective on Sable Offshore in a research report on Monday, June 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Jefferies Financial Group lowered their price objective 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.

Insiders Place Their Bets

In other Sable Offshore news, EVP Gregory D. Patrinely sold 279,081 shares of the stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the executive vice president owned 442,794 shares in the company, valued at $7,390,231.86. This trade represents a 38.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO James Caldwell Flores sold 279,081 shares of the stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the chief operating officer owned 442,794 shares in the company, valued at $7,390,231.86. The trade was a 38.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,077,406 shares of company stock worth $17,202,083 in the last 90 days. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SOC. Encompass Capital Advisors LLC increased 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 worth $121,673,000 after purchasing an additional 5,091,925 shares during the period. Capital International Investors increased 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 worth $104,564,000 after purchasing an additional 9,788,351 shares during the period. Alyeska Investment Group L.P. increased 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 worth $100,048,000 after purchasing an additional 10,400,275 shares during the period. FourWorld Capital Management LLC bought a new position in shares of Sable Offshore in the fourth quarter worth $73,113,000. Finally, Vanguard Group Inc. increased 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 worth $68,170,000 after purchasing an additional 2,975,712 shares during the period. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Trading Down 0.3%

SOC opened at $10.09 on Friday. Sable Offshore has a 1-year low of $3.72 and a 1-year high of $32.18. The stock’s fifty day simple moving average is $13.24 and its 200 day simple moving average is $11.54. The stock has a market cap of $1.56 billion, a PE ratio of -2.36 and a beta of -0.22.

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

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.