Sable Offshore (NYSE:SOC) Trading Down 5.7% – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s share price was down 5.7% during trading on Tuesday . The company traded as low as $4.47 and last traded at $4.5450. 1,854,468 shares changed hands during trading, a decline of 75% from the average daily volume of 7,447,846 shares. The stock had previously closed at $4.82.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SOC. Jefferies Financial Group lowered their target price on Sable Offshore from $24.00 to $11.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Finally, Roth Capital cut their price objective on Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, July 1st. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $15.33.

Sable Offshore Trading Down 7.2%

The company’s 50 day moving average is $7.76 and its 200-day moving average is $10.97. The firm has a market capitalization of $690.76 million, a price-to-earnings ratio of -1.05 and a beta of -0.15.

Sable Offshore (NYSE:SOC) last issued 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 during the quarter, compared to the consensus estimate of $16.10 million. Research analysts expect that Sable Offshore Corp. will post -0.36 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Fifth Third Bancorp bought a new stake in shares of Sable Offshore during the first quarter worth approximately $29,000. NewEdge Advisors LLC increased its stake in shares of 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 purchasing an additional 650 shares during the period. KBC Group NV lifted its holdings in Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in Sable Offshore during the 4th quarter worth approximately $37,000. Finally, Royal Bank of Canada boosted its stake in Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after purchasing an additional 895 shares during the period. 26.19% of the stock is owned by institutional investors.

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.