Analysts Set Sable Offshore Corp. (NYSE:SOC) Price Target at $18.00

Shares of Sable Offshore Corp. (NYSE:SOC) have earned an average rating of “Hold” from the six research firms that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $18.00.

A number of brokerages have weighed in on SOC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Jefferies Financial Group cut their price objective on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. Finally, Benchmark restated a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th.

Insiders Place Their Bets

In related news, COO James Caldwell Flores sold 279,081 shares of the firm’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the chief operating officer directly owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This trade represents a 38.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gregory D. Patrinely sold 279,081 shares of Sable Offshore stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the executive vice president directly owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,077,406 shares of company stock worth $17,202,083. 36.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. HUB Investment Partners LLC acquired a new position in Sable Offshore during the third quarter worth about $1,659,000. Union Square Park Capital Management LLC purchased a new position in shares of Sable Offshore during the 3rd quarter worth approximately $2,383,000. CenterBook Partners LP purchased a new position in shares of Sable Offshore during the 3rd quarter worth approximately $2,864,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Sable Offshore during the 3rd quarter worth approximately $6,752,000. Finally, Trek Financial LLC purchased a new stake in Sable Offshore in the 3rd quarter valued at approximately $4,652,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

Shares of NYSE SOC opened at $12.86 on Friday. The company has a market cap of $1.89 billion, a PE ratio of -3.01 and a beta of -0.22. The stock has a fifty day moving average price of $14.23 and a 200 day moving average price of $10.39. Sable Offshore has a 1-year low of $3.72 and a 1-year high of $35.00.

Sable Offshore (NYSE:SOC) last released 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. Analysts anticipate that Sable Offshore will post 1.47 earnings per share for the current fiscal year.

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.