Sable Offshore (NYSE:SOC) Reaches New 52-Week Low – Time to Sell?

Sable Offshore Corp. (NYSE:SOC) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $2.88 and last traded at $3.0050, with a volume of 96492573 shares traded. The stock had previously closed at $6.97.

Wall Street Analyst Weigh In

Several research firms recently commented on SOC. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group dropped their target price on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, April 22nd. Roth Mkm reduced their target price on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $19.67.

Sable Offshore Trading Down 2.9%

The company has a fifty day moving average price of $12.03 and a two-hundred day moving average price of $11.66. The firm has a market capitalization of $659.27 million, a price-to-earnings ratio of -1.00 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS 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 analysts’ expectations of $16.10 million. As a group, equities research analysts expect that Sable Offshore Corp. will post 0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Sable Offshore 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 value of $533,057.16. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through 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 business’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the transaction, the chief operating officer directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 240,163 shares of company stock valued at $3,228,498 in the last three months. 20.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors have recently bought and sold shares of SOC. Alyeska Investment Group L.P. raised its position in shares of 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 buying an additional 10,400,275 shares during the period. Capital International Investors grew its position in 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. FourWorld Capital Management LLC purchased a new position in Sable Offshore in the fourth quarter worth approximately $73,113,000. Encompass Capital Advisors LLC grew its position in Sable Offshore by 60.6% in 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 period. Finally, Vanguard Group Inc. increased its stake in Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after acquiring an additional 2,975,712 shares during the last quarter. 26.19% of the stock is owned by hedge funds and other 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.