Sable Offshore (NYSE:SOC) Trading Down 11% – Should You Sell?

Shares of Sable Offshore Corp. (NYSE:SOC) fell 11% on Monday . The company traded as low as $12.50 and last traded at $13.0440. 4,007,469 shares were traded during mid-day trading, a decline of 29% from the average session volume of 5,647,787 shares. The stock had previously closed at $14.65.

Analyst Ratings Changes

A number of brokerages have weighed in on SOC. Wall Street Zen raised Sable Offshore from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Jefferies Financial Group reduced their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, April 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Sable Offshore has an average rating of “Hold” and a consensus target price of $22.00.

Sable Offshore Stock Performance

The company has a market cap of $1.99 billion, a price-to-earnings ratio of -3.00 and a beta of -0.22. The company has a fifty day moving average of $14.56 and a two-hundred day moving average of $10.86.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. Equities analysts expect that Sable Offshore Corp. will post 0.86 EPS for the current fiscal year.

Insider Activity 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 transaction of $533,057.16. Following the completion of the transaction, the executive vice president directly owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This trade represents a 6.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores 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 chief operating officer directly owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. 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. Insiders have sold a total of 1,077,406 shares of company stock valued at $17,202,083 in the last 90 days. 36.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Fifth Third Bancorp bought a new stake in Sable Offshore in the 1st quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Sable Offshore in the 4th quarter valued at about $37,000. Aster Capital Management DIFC Ltd increased its position in Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after buying an additional 3,790 shares in the last quarter. KBC Group NV increased its position in Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after buying an additional 1,026 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares in the last quarter. 26.19% of the stock is owned by institutional investors.

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.