Sable Offshore (NYSE:SOC) Trading Down 6.7% – Time to Sell?

Sable Offshore Corp. (NYSE:SOC)’s share price traded down 6.7% during trading on Tuesday . The company traded as low as $13.75 and last traded at $13.75. 1,303,526 shares were traded during mid-day trading, a decline of 77% from the average session volume of 5,709,077 shares. The stock had previously closed at $14.74.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of Sable Offshore from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. 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 report on Wednesday, April 22nd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Price Performance

The stock has a market cap of $2.27 billion, a price-to-earnings ratio of -3.45 and a beta of -0.22. The company’s fifty day moving average price is $14.61 and its 200-day moving average price is $10.80.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $16.10 million. On average, sell-side analysts forecast that Sable Offshore Corp. will post 0.86 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Gregory D. Patrinely sold 279,081 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the sale, the executive vice president owned 442,794 shares in the company, valued at $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Anthony Duenner sold 279,081 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the sale, the insider owned 470,919 shares in the company, valued at approximately $7,859,638.11. This represents a 37.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,077,406 shares of company stock worth $17,202,083 over the last 90 days. 36.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently bought and sold shares of the company. NewEdge Advisors LLC boosted its position in Sable Offshore by 36.2% in 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 last quarter. Royal Bank of Canada boosted its position in Sable Offshore by 22.3% in the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after buying an additional 895 shares during the last quarter. KBC Group NV boosted its position in Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after buying an additional 1,026 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after buying an additional 1,271 shares during the last quarter. Finally, Fifth Third Bancorp purchased a new stake in Sable Offshore in the first quarter valued at approximately $29,000. Hedge funds and other institutional investors 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.