Sable Offshore (NYSE:SOC) Stock Price Down 4.6% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares dropped 4.6% on Thursday . The company traded as low as $4.16 and last traded at $4.1990. Approximately 3,858,516 shares were traded during mid-day trading, a decline of 44% from the average session volume of 6,904,643 shares. The stock had previously closed at $4.40.

Wall Street Analyst Weigh In

SOC has been the subject of several research analyst reports. Jefferies Financial Group decreased their price target on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Roth Mkm decreased their target price on Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Sable Offshore currently has an average rating of “Hold” and an average target price of $19.67.

Sable Offshore Stock Down 9.4%

The stock has a market cap of $615.14 million, a P/E ratio of -0.93 and a beta of -0.22. The business’s 50-day simple moving average is $12.23 and its two-hundred day simple moving average is $11.68.

Sable Offshore (NYSE:SOC) last posted its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share 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. Analysts anticipate that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

Insider Activity at Sable Offshore

In related news, EVP Gregory D. Patrinely sold 40,743 shares of Sable Offshore 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 transaction, the executive vice president directly owned 502,051 shares in the company, valued at approximately $6,692,339.83. The trade was a 7.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 40,743 shares of the business’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 sale, the insider directly owned 530,176 shares in the company, valued at $7,067,246.08. The trade was a 7.14% 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. In the last ninety days, insiders sold 240,163 shares of company stock worth $3,228,498. Corporate insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. lifted its holdings in Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after purchasing an additional 10,400,275 shares in the last quarter. Capital International Investors grew 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 in the last quarter. FourWorld Capital Management LLC bought a new stake in shares of Sable Offshore during the fourth quarter valued at about $73,113,000. Encompass Capital Advisors LLC increased its position in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after buying an additional 5,091,925 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after buying an additional 2,975,712 shares in the last quarter. 26.19% of the stock is currently owned by hedge funds and other 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.