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

Sable Offshore Corp. (NYSE:SOC)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $10.36, but opened at $9.96. Sable Offshore shares last traded at $9.4450, with a volume of 2,858,847 shares trading hands.

Wall Street Analyst Weigh In

SOC has been the subject of several analyst reports. Roth Capital reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Monday, December 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. 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. Finally, Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Five analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $19.60.

Sable Offshore Trading Down 6.5%

The firm has a market capitalization of $1.40 billion, a PE ratio of -2.96 and a beta of 0.51. The company has a fifty day moving average price of $7.45 and a two-hundred day moving average price of $18.43.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). As a group, equities research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were acquired at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the acquisition, the insider directly owned 10,933,394 shares of the company’s stock, valued at $164,438,245.76. The trade was a 9.88% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

A number of large investors have recently bought and sold shares of SOC. SVB Wealth LLC acquired a new position in Sable Offshore in the first quarter valued at $29,000. CWM LLC grew its holdings in shares of Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after buying an additional 1,730 shares during the last quarter. KBC Group NV purchased a new position in shares of Sable Offshore during the second quarter worth about $46,000. Quantbot Technologies LP acquired a new position in Sable Offshore in the 1st quarter valued at about $48,000. Finally, NewEdge Advisors LLC raised its stake 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 acquiring an additional 650 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.