Sable Offshore (NYSE:SOC) Trading Down 15.1% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) fell 15.1% on Thursday . The company traded as low as $6.54 and last traded at $7.7540. 6,092,109 shares traded hands during mid-day trading, a decline of 6% from the average session volume of 6,486,322 shares. The stock had previously closed at $9.13.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, January 8th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $17.00.

Sable Offshore Stock Down 15.7%

The company’s 50 day moving average price is $9.48 and its two-hundred day moving average price is $13.43. The firm has a market cap of $1.12 billion, a PE ratio of -2.38 and a beta of 0.41.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds have recently bought and sold shares of SOC. Alyeska Investment Group L.P. increased its holdings in shares of Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after acquiring an additional 10,400,275 shares during the period. Capital International Investors boosted its holdings in shares of Sable Offshore by 542.6% in 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 position in shares of Sable Offshore during the 4th quarter worth approximately $73,113,000. Encompass Capital Advisors LLC raised its stake in shares of Sable Offshore by 60.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after purchasing an additional 5,091,925 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after buying an additional 2,975,712 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

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.