Sable Offshore (NYSE:SOC) Shares Gap Down – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped down prior to trading on Monday . The stock had previously closed at $16.28, but opened at $15.38. Sable Offshore shares last traded at $15.82, with a volume of 615,161 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $28.00 price target on shares of Sable Offshore in a research report on Thursday, March 5th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Finally, TD Cowen restated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. 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, Sable Offshore currently has an average rating of “Hold” and a consensus price target of $19.00.

Sable Offshore Price Performance

The stock has a fifty day moving average of $11.27 and a 200 day moving average of $11.60. The firm has a market capitalization of $2.48 billion, a P/E ratio of -4.02 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. The business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. Equities analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Institutional Trading of Sable Offshore

A number of large investors have recently added to or reduced their stakes in SOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after acquiring an additional 1,271 shares during the period. NewEdge Advisors LLC grew its position in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares during the period. KBC Group NV purchased a new stake in shares of Sable Offshore during the 2nd quarter worth approximately $46,000. Geode Capital Management LLC increased its stake in shares of Sable Offshore by 29.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,624,893 shares of the company’s stock worth $35,721,000 after purchasing an additional 368,059 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its holdings in shares of Sable Offshore by 41.9% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 15,762 shares of the company’s stock worth $346,000 after purchasing an additional 4,653 shares during the period. Hedge funds and other 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.