Sable Offshore (NYSE:SOC) Shares Gap Down – Here’s What Happened

Shares of Sable Offshore Corp. (NYSE:SOC) gapped down before the market opened on Tuesday . The stock had previously closed at $6.97, but opened at $4.00. Sable Offshore shares last traded at $3.8530, with a volume of 8,453,709 shares.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Roth Mkm set a $22.00 price objective on Sable Offshore in a research report on Monday, June 1st. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Wall Street Zen downgraded shares of Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $22.00.

Sable Offshore Stock Down 50.1%

The firm has a market capitalization of $536.56 million, a P/E ratio of -0.84 and a beta of -0.22. The firm has a 50 day moving average of $12.62 and a 200-day moving average of $11.70.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business 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 EPS for the current year.

Insider Transactions at Sable Offshore

In related 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 value of $533,057.16. Following the transaction, the executive vice president owned 562,740 shares in the company, valued at approximately $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 the business’s stock in a transaction dated 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 transaction, the insider directly owned 590,864 shares of the company’s stock, valued at approximately $8,012,115.84. This trade represents a 6.24% 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 three months, insiders have sold 240,163 shares of company stock valued at $3,228,498. 20.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp acquired a new position in shares of Sable Offshore during the first quarter worth $29,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Sable Offshore in the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd increased its position in shares of Sable Offshore by 263.2% during 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 during the period. KBC Group NV grew its holdings 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 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 worth $62,000 after purchasing an additional 650 shares during the period. Institutional investors and hedge funds own 26.19% of the company’s stock.

About Sable Offshore

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.