Sable Offshore (NYSE:SOC) Hits New 52-Week Low – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SOC shares. Roth Mkm set a $22.00 price objective on Sable Offshore in a report on Monday, June 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Tuesday, June 2nd. Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Finally, Jefferies Financial Group decreased their price target on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, April 22nd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Sable Offshore has a consensus rating of “Hold” and an average price target of $22.00.

Sable Offshore Price Performance

The company 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 P/E ratio of -0.70 and a beta of -0.22.

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 analysts’ consensus estimates of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. As a group, research analysts expect that Sable Offshore Corp. will post 0.04 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In other news, insider Anthony Duenner 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 value of $543,104.19. Following the completion of the sale, the insider directly owned 530,176 shares in the company, valued at approximately $7,067,246.08. The trade was a 7.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 company’s stock in a transaction 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 completion of the sale, the executive vice president directly owned 502,051 shares of the company’s stock, valued at $6,692,339.83. This trade 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 have sold 240,163 shares of company stock worth $3,228,498 over the last ninety days. Insiders own 20.00% of the company’s stock.

Institutional Trading of Sable Offshore

Several hedge funds have recently added to or reduced their stakes in the business. Capital International Investors raised its holdings in Sable Offshore by 542.6% during the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after buying an additional 9,788,351 shares during the last quarter. HUB Investment Partners LLC purchased a new stake in Sable Offshore during the 3rd quarter valued at $1,659,000. Union Square Park Capital Management LLC bought a new stake in Sable Offshore in the 3rd quarter worth $2,383,000. Vanguard Group Inc. grew its holdings in Sable Offshore by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company’s stock worth $80,001,000 after acquiring an additional 108,504 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Sable Offshore by 389.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock worth $2,780,000 after acquiring an additional 126,692 shares during 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.