Sable Offshore (NYSE:SOC) Trading Down 5.3% – Time to Sell?

Sable Offshore Corp. (NYSE:SOC) shares were down 5.3% during trading on Tuesday . The stock traded as low as $12.57 and last traded at $12.4290. Approximately 475,184 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 5,569,855 shares. The stock had previously closed at $13.12.

Wall Street Analyst Weigh In

Several analysts recently commented on SOC shares. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Roth Mkm set a $22.00 price objective on Sable Offshore in a report on Monday, June 1st. Finally, Wall Street Zen lowered Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Sable Offshore currently has an average rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Price Performance

The business has a 50-day simple moving average of $13.85 and a 200 day simple moving average of $11.29. The firm has a market cap of $1.83 billion, a PE ratio of -2.78 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. On average, equities analysts forecast that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the company’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the transaction, the executive vice president owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the company’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the transaction, the insider directly owned 590,864 shares of the company’s stock, valued at approximately $8,012,115.84. This trade represents a 6.24% decrease in their position. 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 sold a total of 1,077,406 shares of company stock worth $17,202,083 over the last quarter. 36.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Hedge funds have recently made changes to their positions in the business. Capital International Investors boosted its stake in shares of Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares during the period. HUB Investment Partners LLC bought a new position in shares of Sable Offshore in the third quarter worth about $1,659,000. CenterBook Partners LP bought a new position in shares of Sable Offshore in the third quarter worth about $2,864,000. Union Square Park Capital Management LLC bought a new position in shares of Sable Offshore in the third quarter worth about $2,383,000. Finally, ANTIPODES PARTNERS Ltd bought a new position in shares of Sable Offshore in the third quarter worth about $6,752,000. 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.