Sable Offshore (NYSE:SOC) Trading Down 4.3% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) shares dropped 4.3% on Monday . The company traded as low as $7.57 and last traded at $7.4470. Approximately 3,893,789 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 3,754,865 shares. The stock had previously closed at $7.78.

Analyst Ratings Changes

SOC has been the subject of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Benchmark restated a “buy” rating on shares of Sable Offshore in a report on Thursday. Roth Capital reiterated a “buy” rating on shares of Sable Offshore in a report on Monday, December 1st. Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday. Finally, Jefferies Financial Group cut their price objective on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Sable Offshore presently has a consensus rating of “Hold” and a consensus price target of $19.60.

Sable Offshore Price Performance

The company has a market capitalization of $1.09 billion, a P/E ratio of -2.31 and a beta of 0.51. The firm has a fifty day moving average price of $7.82 and a 200-day moving average price of $18.63.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). On average, research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The stock was acquired at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the acquisition, the insider owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. This represents a 9.88% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 36.36% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently bought and sold shares of SOC. SVB Wealth LLC bought a new stake in shares of Sable Offshore in the first quarter valued at $29,000. CWM LLC lifted its holdings in Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after purchasing an additional 1,730 shares during the last quarter. Quantbot Technologies LP bought a new position in Sable Offshore during the first quarter worth about $48,000. KBC Group NV bought a new position in Sable Offshore during the second quarter worth about $46,000. Finally, NewEdge Advisors LLC increased its stake in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares in the last quarter. 26.19% of the stock is owned by 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.