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

Sable Offshore Corp. (NYSE:SOC) gapped down before the market opened on Monday . The stock had previously closed at $4.71, but opened at $4.49. Sable Offshore shares last traded at $4.47, with a volume of 836,898 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SOC shares. Roth Capital decreased their price objective on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Jefferies Financial Group dropped their target price on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $15.33.

Sable Offshore Stock Performance

The firm has a fifty day simple moving average of $9.00 and a 200-day simple moving average of $11.19. The firm has a market cap of $687.67 million, a price-to-earnings ratio of -1.04 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $16.10 million. Analysts expect that Sable Offshore Corp. will post -0.36 earnings per share for the current fiscal year.

Insider Transactions at Sable Offshore

In related news, insider Anthony Duenner sold 39,312 shares of the business’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the sale, the insider directly owned 590,864 shares in the company, valued at $8,012,115.84. The trade was a 6.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 business’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 $533,057.16. Following the completion of the sale, the chief operating officer directly owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their position. 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. In the last 90 days, insiders sold 240,163 shares of company stock worth $3,228,498. 20.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tactive Advisors LLC raised its position in shares of Sable Offshore by 94.1% in the 2nd quarter. Tactive Advisors LLC now owns 87,849 shares of the company’s stock valued at $271,000 after buying an additional 42,579 shares in the last quarter. Bank of America Corp DE increased its stake in Sable Offshore by 224.7% in the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock valued at $21,395,000 after acquiring an additional 896,258 shares during the last quarter. Janus Henderson Group PLC raised its position in Sable Offshore by 135.1% during the first quarter. Janus Henderson Group PLC now owns 56,200 shares of the company’s stock valued at $927,000 after purchasing an additional 32,300 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in Sable Offshore by 7.5% during the first quarter. Sunbelt Securities Inc. now owns 72,000 shares of the company’s stock worth $1,189,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Royal Bank of Canada lifted 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 worth $82,000 after purchasing an additional 895 shares during the last quarter. Institutional investors and hedge funds 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.