Sable Offshore (NYSE:SOC) Trading Up 5.9% – Time to Buy?

Sable Offshore Corp. (NYSE:SOC)’s share price shot up 5.9% on Monday . The stock traded as high as $4.23 and last traded at $4.15. Approximately 1,581,570 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 7,353,619 shares. The stock had previously closed at $3.92.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Roth Capital decreased their price target on Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, July 1st. Finally, Jefferies Financial Group lowered their price target on Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a report on Monday, July 6th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $15.33.

Sable Offshore Stock Up 11.9%

The business’s 50-day simple moving average is $10.86 and its two-hundred day simple moving average is $11.56. The firm has a market capitalization of $676.87 million, a price-to-earnings ratio of -1.03 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) 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. Sell-side analysts anticipate that Sable Offshore Corp. will post -0.27 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the transaction, the executive vice president directly owned 562,740 shares in the company, valued at $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of Sable Offshore stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the sale, the insider directly owned 590,864 shares of the company’s stock, valued at $8,012,115.84. The trade was a 6.24% decrease in their ownership of the stock. 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. Insiders have sold a total of 240,163 shares of company stock valued at $3,228,498 over the last quarter. 20.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp purchased a new stake in Sable Offshore during the first quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Sable Offshore in the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd grew its holdings in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after purchasing an additional 3,790 shares in the last quarter. KBC Group NV increased its stake in Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after buying an additional 1,026 shares during the period. Finally, NewEdge Advisors LLC increased 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 worth $62,000 after buying an additional 650 shares during the period. 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.