Sable Offshore (NYSE:SOC) Shares Gap Down – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $4.87, but opened at $4.70. Sable Offshore shares last traded at $4.7350, with a volume of 411,977 shares.

Analyst Ratings Changes

SOC has been the subject of a number of recent analyst reports. Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Wall Street Zen downgraded shares of Sable Offshore from a “sell” rating to a “strong sell” rating in a research note on Saturday. Jefferies Financial Group set a $9.00 price objective on shares of Sable Offshore in a research note on Wednesday, August 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Finally, Roth Capital reaffirmed a “buy” rating and set a $11.00 target price on shares of Sable Offshore in a research note on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Sable Offshore presently has an average rating of “Hold” and an average price target of $13.33.

Sable Offshore Trading Down 2.8%

The stock has a market capitalization of $908.50 million, a P/E ratio of -1.44 and a beta of -0.15. The stock’s fifty day moving average price is $5.29 and its 200 day moving average price is $10.34. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The company had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. Research analysts forecast that Sable Offshore Corp. will post -2.18 earnings per share for the current year.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Sable Offshore by 4.4% in the first 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. NewEdge Advisors LLC raised its position in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares in the last quarter. JPMorgan Chase & Co. raised its position in Sable Offshore by 29.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock valued at $715,000 after purchasing an additional 7,438 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Sable Offshore by 25.3% in the 2nd quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock worth $490,000 after buying an additional 4,500 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Sable Offshore in the 2nd quarter worth $654,000. Institutional investors own 26.19% of the company’s stock.

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.