Sable Offshore Corp. (NYSE:SOC) Given Consensus Rating of “Hold” by Brokerages

Sable Offshore Corp. (NYSE:SOC) has received a consensus rating of “Hold” from the six research firms that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $15.3333.

Several research analysts recently weighed in on SOC shares. Jefferies Financial Group dropped their price objective on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Benchmark restated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Roth Capital cut 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.

Sable Offshore Stock Down 0.2%

Shares of NYSE:SOC opened at $4.34 on Wednesday. The firm has a market cap of $669.92 million, a P/E ratio of -1.02 and a beta of -0.08. Sable Offshore has a 12 month low of $2.88 and a 12 month high of $32.18. The company’s 50-day moving average price is $9.94 and its two-hundred day moving average price is $11.38.

Sable Offshore (NYSE:SOC) last announced its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. As a group, equities analysts predict that Sable Offshore will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sable Offshore news, EVP Gregory D. Patrinely sold 39,311 shares of the business’s stock in a transaction dated 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 sale, the executive vice president directly owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 the firm’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the transaction, the insider directly owned 590,864 shares in the company, valued at $8,012,115.84. This trade represents a 6.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 240,163 shares of company stock valued at $3,228,498. 20.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sable Offshore

Several large investors have recently bought and sold shares of the business. Fifth Third Bancorp acquired a new stake in Sable Offshore during the 1st quarter worth $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Sable Offshore in the 4th quarter worth $37,000. Aster Capital Management DIFC Ltd boosted its position in shares of Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares during the last quarter. KBC Group NV grew its stake in shares of Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares during the period. Finally, NewEdge Advisors LLC grew its stake in shares of 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. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.