Sable Offshore (NYSE:SOC) Shares Down 8.6% – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price was down 8.6% during mid-day trading on Friday . The company traded as low as $3.79 and last traded at $3.7850. 3,836,342 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 7,346,682 shares. The stock had previously closed at $4.14.

Wall Street Analysts Forecast Growth

SOC has been the subject of a number of research analyst reports. Jefferies Financial Group reduced their target price on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Roth Capital decreased their price objective on Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, July 1st. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Wednesday. Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Finally, Wall Street Zen lowered shares of Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $15.33.

Sable Offshore Price Performance

The company’s 50-day moving average price is $10.86 and its two-hundred day moving average price is $11.53. The company has a market capitalization of $602.79 million, a P/E ratio of -0.91 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) 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 analyst estimates of $16.10 million. On average, analysts anticipate that Sable Offshore Corp. will post -0.27 earnings per share for the current fiscal year.

Insider Transactions at Sable Offshore

In related 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 transaction of $543,104.19. Following the completion of the sale, the insider directly owned 530,176 shares of the company’s stock, valued at approximately $7,067,246.08. This trade represents a 7.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 40,743 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president directly owned 502,051 shares in the company, valued at approximately $6,692,339.83. This represents a 7.51% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 240,163 shares of company stock worth $3,228,498. Company insiders own 20.00% of the company’s stock.

Institutional Trading of Sable Offshore

Hedge funds and other institutional investors have recently bought and sold shares of the business. Capital International Investors raised 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 buying an additional 9,788,351 shares in the last quarter. Union Square Park Capital Management LLC acquired a new stake in Sable Offshore during the third quarter worth approximately $2,383,000. JPMorgan Chase & Co. increased its stake in Sable Offshore by 389.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock worth $2,780,000 after acquiring an additional 126,692 shares during the period. 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 worth $121,673,000 after acquiring an additional 5,091,925 shares during the period. Finally, Easterly Investment Partners LLC acquired a new position in Sable Offshore in the 4th quarter valued at $2,093,000. 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.