Sable Offshore (NYSE:SOC) Shares Down 8.2% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) shares traded down 8.2% on Wednesday . The stock traded as low as $12.91 and last traded at $12.8530. 1,611,092 shares traded hands during trading, a decline of 73% from the average session volume of 5,952,569 shares. The stock had previously closed at $14.00.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Benchmark restated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Wall Street Zen upgraded shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Finally, Jefferies Financial Group lowered 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. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $22.00.

Sable Offshore Price Performance

The company’s fifty day moving average price is $14.71 and its 200 day moving average price is $10.41. The company has a market cap of $2.35 billion, a PE ratio of -3.56 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last announced its 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 firm had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. On average, analysts forecast that Sable Offshore Corp. will post 0.86 EPS for the current year.

Insider Buying and Selling

In related news, insider Anthony Duenner sold 39,312 shares of the firm’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 $533,070.72. Following the completion of the sale, the insider owned 590,864 shares in the company, valued at approximately $8,012,115.84. This trade represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 firm’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the chief operating officer 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 1,077,406 shares of company stock worth $17,202,083. Insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

Large investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp purchased a new stake in Sable Offshore during the first quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Sable Offshore during the fourth quarter worth about $37,000. Aster Capital Management DIFC Ltd increased its holdings in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares during the last quarter. KBC Group NV increased its holdings in Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after buying an additional 1,026 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Sable Offshore by 36.2% during the first 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. 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.