Sable Offshore Corp. (NYSE:SOC) Given Consensus Rating of “Hold” by Analysts

Shares of Sable Offshore Corp. (NYSE:SOC) have been given a consensus recommendation of “Hold” by the six ratings firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $15.3333.

Several equities analysts have recently commented on the company. Wall Street Zen lowered Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group lowered their price objective on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a report on Monday, July 6th. Finally, Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th.

Insider Activity at Sable Offshore

In related news, EVP Gregory D. Patrinely sold 39,311 shares of the firm’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 transaction of $533,057.16. Following the transaction, the executive vice president directly owned 562,740 shares in the company, valued at $7,630,754.40. This trade represents a 6.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of 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 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 sold 240,163 shares of company stock worth $3,228,498 in the last ninety days. 20.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors have recently added to or reduced their stakes in SOC. Fifth Third Bancorp purchased a new position in shares of Sable Offshore in the first quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore during the fourth quarter worth about $37,000. Aster Capital Management DIFC Ltd grew its stake in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares during the last quarter. KBC Group NV increased its holdings in Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after purchasing an additional 1,026 shares during the period. Finally, NewEdge Advisors LLC raised its position in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Trading Down 1.0%

SOC stock opened at $4.38 on Wednesday. The company’s 50 day moving average is $10.47 and its 200 day moving average is $11.48. The stock has a market cap of $676.87 million, a price-to-earnings ratio of -1.03 and a beta of -0.08. Sable Offshore has a 1-year low of $2.88 and a 1-year high of $32.18.

Sable Offshore (NYSE:SOC) last released 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 business had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. As a group, sell-side analysts forecast that Sable Offshore will post -0.27 EPS for the current fiscal 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.