Sable Offshore (NYSE:SOC) Stock Falls 5.4% – Here’s Why

Shares of Sable Offshore Corp. (NYSE:SOC) traded down 5.4% on Tuesday. The company traded as low as $3.05 and last traded at $3.0190. 1,059,652 shares changed hands during trading, a decline of 86% from the average session volume of 7,641,673 shares. The stock had previously closed at $3.19.

Wall Street Analysts Forecast Growth

SOC has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Monday. JPMorgan Chase & Co. started coverage on shares of Sable Offshore in a research report on Friday, October 2nd. They issued an “overweight” rating and a $10.00 price target on the stock. Zacks Research raised Sable Offshore from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Stifel Nicolaus initiated coverage on Sable Offshore in a research note on Thursday, September 10th. They set a “buy” rating and a $8.00 price objective for the company. Finally, Roth Capital cut their price objective on Sable Offshore from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, September 30th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.40.

Sable Offshore Stock Performance

The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24. The stock has a 50-day moving average of $4.19 and a 200-day moving average of $7.87.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.79). The company had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. On average, analysts anticipate that Sable Offshore Corp. will post -2.20 EPS for the current fiscal year.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently modified their holdings of SOC. Bank of America Corp DE grew its holdings in shares of Sable Offshore by 224.7% during the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock worth $21,395,000 after purchasing an additional 896,258 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Sable Offshore by 62.9% in the 1st quarter. Bank of New York Mellon Corp now owns 323,743 shares of the company’s stock worth $5,348,000 after acquiring an additional 125,017 shares in the last quarter. Kore Advisors LP boosted its holdings in shares of Sable Offshore by 70.2% during the 1st quarter. Kore Advisors LP now owns 257,152 shares of the company’s stock worth $4,248,000 after buying an additional 106,107 shares in the last quarter. Hsbc Holdings PLC bought a new position in Sable Offshore during the first quarter worth $1,663,000. Finally, Hollencrest Capital Management boosted its position in shares of Sable Offshore by 42.6% during the 1st quarter. Hollencrest Capital Management now owns 79,079 shares of the company’s stock worth $1,306,000 after purchasing an additional 23,612 shares in the last quarter. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on developing and operating oil and natural gas assets offshore California. Its principal asset is the Santa Ynez Unit, a mature offshore field in the Santa Barbara Channel that includes offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon processing facility onshore.

The company’s operations are designed to produce and process crude oil, natural gas and associated hydrocarbons from the Santa Ynez Unit.