Sable Offshore (NYSE:SOC) Shares Gap Down – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $4.77, but opened at $4.62. Sable Offshore shares last traded at $4.6350, with a volume of 277,780 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SOC. Roth Capital reiterated a “buy” rating and set a $11.00 price objective on shares of Sable Offshore in a research note on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Jefferies Financial Group set a $9.00 price target on Sable Offshore in a report on Wednesday, August 12th. Finally, Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $13.33.

Sable Offshore Stock Performance

The business’s 50-day moving average price is $4.68 and its 200-day moving average price is $10.19. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85. The stock has a market cap of $877.81 million, a PE ratio of -1.39 and a beta of -0.15.

Sable Offshore (NYSE:SOC) last posted its earnings results on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The company had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. As a group, equities research analysts expect that Sable Offshore Corp. will post -2.18 earnings per share for the current fiscal year.

Institutional Trading of Sable Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp acquired a new stake in shares of Sable Offshore in the 1st quarter worth $29,000. Briaud Financial Planning Inc acquired a new position in Sable Offshore during the 2nd quarter valued at about $37,000. Aster Capital Management DIFC Ltd raised its stake in Sable Offshore by 263.2% in the fourth 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 during the last quarter. KBC Group NV raised its stake in Sable Offshore by 48.7% in the first 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 during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after acquiring an additional 650 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

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.