Sable Offshore (NYSE:SOC) Trading 9.2% Higher – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price rose 9.2% during trading on Tuesday . The stock traded as high as $4.29 and last traded at $4.3150. 1,338,976 shares changed hands during trading, a decline of 81% from the average daily volume of 7,117,784 shares. The stock had previously closed at $3.95.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Roth Capital decreased their price objective on Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.33.

Sable Offshore Price Performance

The company has a market capitalization of $646.00 million, a price-to-earnings ratio of -0.97 and a beta of -0.08. The business’s 50-day moving average price is $11.62 and its two-hundred day moving average price is $11.64.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. As a group, research analysts predict that Sable Offshore Corp. will post -0.27 EPS for the current year.

Insider Activity

In related news, COO James Caldwell Flores sold 39,311 shares of Sable Offshore stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the chief operating officer directly owned 562,740 shares in the company, valued at $7,630,754.40. This trade represents a 6.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 39,311 shares of Sable Offshore stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the transaction, the executive vice president directly owned 562,740 shares in the company, valued at $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 240,163 shares of company stock valued at $3,228,498. 20.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC raised its position in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the period. Royal Bank of Canada increased its stake in Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after acquiring an additional 895 shares during the period. KBC Group NV raised its stake 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 acquiring an additional 1,026 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 worth $761,000 after purchasing an additional 1,271 shares in the last quarter. Finally, Fifth Third Bancorp acquired a new stake in shares of Sable Offshore during the first quarter worth approximately $29,000. Institutional investors own 26.19% of the company’s stock.

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.