Sable Offshore (NYSE:SOC) Hits New 12-Month Low – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $2.88 and last traded at $3.0050, with a volume of 96492573 shares trading hands. The stock had previously closed at $6.97.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SOC. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Roth Mkm set a $22.00 target price on shares of Sable Offshore in a research report on Monday, June 1st. Finally, Jefferies Financial Group reduced their target price on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Sable Offshore currently has a consensus rating of “Hold” and an average price target of $22.00.

Sable Offshore Stock Down 56.9%

The firm has a 50-day simple moving average of $12.41 and a 200-day simple moving average of $11.69. The stock has a market cap of $463.85 million, a PE ratio of -0.70 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. On average, research analysts expect that Sable Offshore Corp. will post 0.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO James Caldwell Flores sold 40,743 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.33, for a total value of $543,104.19. Following the sale, the chief operating officer directly owned 502,051 shares of the company’s stock, valued at approximately $6,692,339.83. This represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 business’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $13.33, for a total transaction of $543,104.19. Following the transaction, the executive vice president directly owned 502,051 shares of the company’s stock, valued at approximately $6,692,339.83. This represents a 7.51% 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 sold a total of 240,163 shares of company stock worth $3,228,498 in the last quarter. 20.00% of the stock is owned by company insiders.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after purchasing an additional 1,271 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the period. JPMorgan Chase & Co. boosted its stake in Sable Offshore by 29.6% during the second quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock valued at $715,000 after buying an additional 7,438 shares during the period. New York State Common Retirement Fund boosted its stake in Sable Offshore by 25.3% during the second quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock valued at $490,000 after buying an additional 4,500 shares during the period. Finally, Marshall Wace LLP purchased a new position in Sable Offshore during the second quarter worth about $654,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.