Sable Offshore (NYSE:SOC) Reaches New 1-Year Low Following Weak Earnings

Shares of Sable Offshore Corp. (NYSE:SOC) hit a new 52-week low during trading on Friday following a dissappointing earnings announcement. The stock traded as low as $4.04 and last traded at $4.1950, with a volume of 13981004 shares changing hands. The stock had previously closed at $5.89.

The company reported ($1.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21).

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SOC shares. Jefferies Financial Group cut their price target on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Roth Capital restated a “buy” rating and issued a $22.00 price target on shares of Sable Offshore in a research note on Tuesday. Finally, Benchmark decreased their target price on Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 4th. Five analysts have rated the stock with a Buy rating and two have assigned 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 target price of $19.60.

Insider Buying and Selling

In related news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the stock in a transaction on Wednesday, October 15th. The shares were bought at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the acquisition, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.36% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently made changes to their positions in the company. CenterBook Partners LP acquired a new stake in Sable Offshore in the first quarter worth about $1,499,000. Emerald Mutual Fund Advisers Trust raised its holdings in Sable Offshore by 102.1% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 351,887 shares of the company’s stock worth $7,734,000 after purchasing an additional 177,733 shares during the last quarter. Emerald Advisers LLC lifted its position in shares of Sable Offshore by 110.2% during the 2nd quarter. Emerald Advisers LLC now owns 611,613 shares of the company’s stock valued at $13,443,000 after acquiring an additional 320,589 shares during the period. Encompass Capital Advisors LLC increased its holdings in Sable Offshore by 92.5% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,694,954 shares of the company’s stock worth $68,371,000 after purchasing an additional 1,294,954 shares in the last quarter. Finally, Sheets Smith Wealth Management purchased a new stake in Sable Offshore in the 2nd quarter valued at $393,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Trading Down 28.8%

The firm has a fifty day simple moving average of $15.82 and a two-hundred day simple moving average of $22.41.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.