Sable Offshore (NYSE:SOC) Shares Down 9.4% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC) fell 9.4% during mid-day trading on Friday . The company traded as low as $14.65 and last traded at $15.81. 2,592,630 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 7,227,533 shares. The stock had previously closed at $17.45.

Analyst Ratings Changes

SOC has been the topic of several research reports. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $28.00 price target on shares of Sable Offshore in a research report on Thursday, March 5th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, TD Cowen reissued a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $19.00.

Sable Offshore Stock Down 3.9%

The company has a market cap of $2.43 billion, a PE ratio of -3.93 and a beta of 0.43. The firm has a 50 day simple moving average of $10.23 and a 200-day simple moving average of $12.31.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.20. The firm had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. As a group, equities analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently bought and sold shares of the company. Alyeska Investment Group L.P. grew its holdings in Sable Offshore by 1,504.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after purchasing an additional 10,400,275 shares during the last quarter. Capital International Investors increased its position in shares of Sable Offshore by 542.6% during the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after purchasing an additional 9,788,351 shares in the last quarter. FourWorld Capital Management LLC acquired a new stake in shares of Sable Offshore in the 4th quarter worth $73,113,000. Encompass Capital Advisors LLC boosted its position in shares of Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after purchasing an additional 5,091,925 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Sable Offshore by 64.9% in the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.