Sable Offshore (NYSE:SOC) Stock Price Down 5.9% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC)’s share price was down 5.9% during trading on Wednesday . The stock traded as low as $4.69 and last traded at $4.6650. Approximately 1,479,361 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 7,653,272 shares. The stock had previously closed at $4.96.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 30th. Jefferies Financial Group set a $9.00 price target on shares of Sable Offshore in a report on Wednesday, August 12th. 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. Stifel Nicolaus began coverage on shares of Sable Offshore in a report on Thursday, September 10th. They set a “buy” rating and a $8.00 price objective on the stock. Finally, Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Four 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $12.00.

Sable Offshore Price Performance

The stock has a fifty day moving average of $4.59 and a 200 day moving average of $9.86. The stock has a market cap of $833.68 million, a price-to-earnings ratio of -1.32 and a beta of -0.16. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate 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. On average, analysts expect that Sable Offshore Corp. will post -2.18 EPS for the current fiscal year.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Encompass Capital Advisors LLC raised its stake in shares of Sable Offshore by 60.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after buying an additional 5,091,925 shares during the last quarter. 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 buying an additional 9,788,351 shares during the last quarter. BW Gestao de Investimentos Ltda. purchased a new stake in shares of Sable Offshore in the fourth quarter worth about $13,234,000. Bank of America Corp DE grew its holdings in Sable Offshore by 224.7% during the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock worth $21,395,000 after acquiring an additional 896,258 shares during the period. Finally, Aventail Capital Group LP grew its holdings in Sable Offshore by 141.3% during the fourth quarter. Aventail Capital Group LP now owns 1,264,639 shares of the company’s stock worth $11,407,000 after acquiring an additional 740,621 shares during the period. Institutional investors and hedge funds own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore Corp. is an independent energy company focused on the development and production of oil and natural gas from offshore assets in the United States. Its principal operations are centered on the Santa Ynez Unit (SYU), located in federal waters off the coast of California.

The company’s Santa Ynez assets include offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon onshore processing and storage facility. Sable is working to restore and restart production from the system, which has been inactive since a pipeline incident led to the suspension of operations in 2015.

Sable acquired the Santa Ynez assets from ExxonMobil and became a publicly traded company through a business combination with Flame Acquisition Corp.