Sable Offshore (NYSE:SOC) Trading Down 10.9% – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s share price was down 10.9% during mid-day trading on Wednesday . The stock traded as low as $8.19 and last traded at $7.9690. 311,656 shares changed hands during trading, a decline of 94% from the average daily volume of 5,496,757 shares. The stock had previously closed at $8.94.

Analysts Set New Price Targets

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

Sable Offshore Price Performance

The company has a fifty day moving average price of $12.88 and a two-hundred day moving average price of $11.68. The company has a market capitalization of $1.17 billion, a P/E ratio of -1.77 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. As a group, sell-side analysts forecast that Sable Offshore Corp. will post 0.04 earnings per share for the current year.

Insider Activity

In related news, insider Anthony Duenner sold 279,081 shares of the stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the sale, the insider directly owned 470,919 shares in the company, valued at $7,859,638.11. This represents a 37.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO James Caldwell Flores sold 279,081 shares of the firm’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the chief operating officer directly owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,077,406 shares of company stock valued at $17,202,083. Insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently made changes to their positions in SOC. Encompass Capital Advisors LLC raised its position in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after acquiring an additional 5,091,925 shares during the last quarter. Capital International Investors boosted its holdings in Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after acquiring an additional 9,788,351 shares during the last quarter. Alyeska Investment Group L.P. increased its position in Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after purchasing an additional 10,400,275 shares during the period. FourWorld Capital Management LLC acquired a new stake in Sable Offshore during the 4th quarter valued at approximately $73,113,000. Finally, Vanguard Group Inc. raised its holdings in Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. Institutional investors and hedge funds 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.