Sable Offshore (NYSE:SOC) Shares Down 11.6% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC) shares fell 11.6% during trading on Tuesday . The company traded as low as $7.87 and last traded at $7.9690. 1,098,136 shares were traded during mid-day trading, a decline of 86% from the average session volume of 7,662,891 shares. The stock had previously closed at $9.01.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SOC. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a research note on Monday, December 29th. Roth Mkm reaffirmed a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a report on Thursday, January 8th. Finally, TD Cowen restated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Four analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.00.

Sable Offshore Stock Performance

The stock has a market capitalization of $1.15 billion, a P/E ratio of -2.43 and a beta of 0.40. The business has a fifty day simple moving average of $8.32 and a 200-day simple moving average of $15.85.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). On average, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC lifted its position in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after buying an additional 650 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after purchasing an additional 1,271 shares during the last quarter. CWM LLC boosted its position in Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after buying an additional 1,730 shares during the period. Ameritas Investment Partners Inc. grew its stake in shares of Sable Offshore by 41.3% during the second quarter. Ameritas Investment Partners Inc. now owns 6,985 shares of the company’s stock valued at $154,000 after buying an additional 2,041 shares during the last quarter. Finally, KBC Group NV bought a new stake in shares of Sable Offshore in the 2nd quarter valued at about $46,000. 26.19% of the stock is currently 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.