Zacks Research Downgrades Sable Offshore (NYSE:SOC) to Strong Sell

Sable Offshore (NYSE:SOC) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Roth Mkm set a $22.00 price target on shares of Sable Offshore in a research note on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Wall Street Zen upgraded shares of Sable Offshore from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Tuesday. Finally, Jefferies Financial Group lowered their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, April 22nd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $22.00.

Sable Offshore Stock Performance

Shares of SOC opened at $13.53 on Wednesday. Sable Offshore has a twelve month low of $3.72 and a twelve month high of $32.18. The firm’s 50 day moving average price is $14.31 and its two-hundred day moving average price is $11.07. The firm has a market cap of $2.09 billion, a P/E ratio of -3.17 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last announced its quarterly 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 analysts’ expectations of $16.10 million. On average, sell-side analysts anticipate that Sable Offshore will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Gregory D. Patrinely sold 39,311 shares of Sable Offshore stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the sale, the executive vice president directly owned 562,740 shares in the company, valued at $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 Sable Offshore stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the chief operating officer owned 562,740 shares in the company, valued at $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,077,406 shares of company stock worth $17,202,083 over the last ninety days. Insiders own 36.36% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors have recently added to or reduced their stakes in SOC. Fifth Third Bancorp acquired a new position in Sable Offshore during the first quarter worth $29,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Sable Offshore during the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd increased its holdings in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares during the last quarter. KBC Group NV increased its holdings in 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 buying an additional 1,026 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in 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 buying an additional 650 shares during the last quarter. 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.