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

Sable Offshore Corp. (NYSE:SOC) gapped down before the market opened on Monday . The stock had previously closed at $9.68, but opened at $9.19. Sable Offshore shares last traded at $9.27, with a volume of 1,873,642 shares changing hands.

Analysts Set New Price Targets

SOC has been the subject of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Benchmark restated a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. Finally, TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Four investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.00.

Sable Offshore Trading Up 2.2%

The company’s 50 day moving average price is $8.47 and its 200 day moving average price is $15.63.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). Research analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wealthfront Advisers LLC purchased a new stake in shares of Sable Offshore in the fourth quarter valued at approximately $161,000. Pictet Asset Management Holding SA purchased a new stake in Sable Offshore during the fourth quarter valued at about $162,000. Inscription Capital LLC acquired a new stake in shares of Sable Offshore in the fourth quarter worth $174,000. Vanguard Group Inc. raised its holdings in shares of Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after buying an additional 2,975,712 shares during the period. Finally, Arizona State Retirement System increased its stake in Sable Offshore by 75.6% during the 4th quarter. Arizona State Retirement System now owns 28,414 shares of the company’s stock worth $256,000 after buying an additional 12,235 shares during the period. Institutional investors and hedge funds 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.