Sable Offshore (NYSE:SOC) Shares Gap Down – Time to Sell?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $4.77, but opened at $4.62. Sable Offshore shares last traded at $4.6350, with a volume of 277,780 shares changing hands.

Wall Street Analysts Forecast Growth

SOC has been the subject of several recent research reports. Roth Capital restated a “buy” rating and issued a $11.00 target price on shares of Sable Offshore in a report on Tuesday, August 11th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 30th. Jefferies Financial Group set a $9.00 target price on Sable Offshore in a report on Wednesday, August 12th. Finally, Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $13.33.

Sable Offshore Stock Down 1.1%

The company has a market capitalization of $901.79 million, a P/E ratio of -1.43 and a beta of -0.16. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24. The stock has a 50 day moving average price of $4.56 and a 200 day moving average price of $10.14.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.79). The company had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. Equities research analysts forecast that Sable Offshore Corp. will post -2.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp purchased a new stake in shares of Sable Offshore during the first quarter worth $29,000. Briaud Financial Planning Inc purchased a new position in Sable Offshore during the 2nd quarter valued at about $37,000. Aster Capital Management DIFC Ltd lifted 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 worth $47,000 after buying an additional 3,790 shares in the last quarter. KBC Group NV boosted its position in shares of 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 acquiring an additional 1,026 shares during the period. Finally, NewEdge Advisors LLC grew its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 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.