Sable Offshore (NYSE:SOC) Shares Down 8.4% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) shares fell 8.4% on Wednesday . The stock traded as low as $12.92 and last traded at $13.14. 1,116,930 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 6,967,683 shares. The stock had previously closed at $14.35.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SOC. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Jefferies Financial Group boosted their target price on shares of Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, March 30th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $19.50.

Sable Offshore Trading Down 8.4%

The business’s 50-day moving average is $12.30 and its two-hundred day moving average is $11.13. The firm has a market cap of $1.94 billion, a P/E ratio of -3.14 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. On average, analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity at Sable Offshore

In related news, EVP Gregory D. Patrinely sold 279,081 shares of the business’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the executive vice president owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This represents a 38.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anthony Duenner sold 279,081 shares of the business’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the sale, the insider directly owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. This represents a 37.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 837,243 shares of company stock valued at $13,973,586 in the last quarter. Insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC boosted its stake in 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 purchasing an additional 650 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after purchasing an additional 1,271 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Sable Offshore by 3.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company’s stock valued at $559,000 after purchasing an additional 1,856 shares during the period. Bleakley Financial Group LLC boosted its stake in Sable Offshore by 4.4% during the 3rd quarter. Bleakley Financial Group LLC now owns 50,949 shares of the company’s stock valued at $890,000 after purchasing an additional 2,167 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in Sable Offshore by 65.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock valued at $165,000 after purchasing an additional 2,960 shares during the period. Institutional investors 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.