Sable Offshore (NYSE:SOC) Shares Down 8.4% – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price was down 8.4% during mid-day trading on Wednesday . The company traded as low as $12.92 and last traded at $13.14. Approximately 1,116,930 shares changed hands during trading, a decline of 84% from the average daily volume of 6,967,683 shares. The stock had previously closed at $14.35.

Analyst Ratings Changes

A number of research analysts have issued reports on SOC shares. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Jefferies Financial Group boosted their target price on shares of Sable Offshore from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, March 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Sable Offshore presently has an average rating of “Hold” and a consensus price target of $19.50.

Sable Offshore Stock Performance

The business’s 50 day moving average price is $12.30 and its two-hundred day moving average price is $11.13. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of -3.14 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.20. On average, sell-side analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Transactions at Sable Offshore

In other news, insider Anthony Duenner sold 279,081 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the sale, the insider directly owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. This represents a 37.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO James Caldwell Flores sold 279,081 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the chief operating officer directly owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 837,243 shares of company stock valued at $13,973,586. Company insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after purchasing an additional 1,271 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Sable Offshore by 29.6% during the second 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 during the last quarter. Legal & General Group Plc lifted its stake in Sable Offshore by 28.1% during the second quarter. Legal & General Group Plc now owns 63,788 shares of the company’s stock valued at $1,402,000 after purchasing an additional 13,974 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Sable Offshore by 37.9% during the second quarter. Rhumbline Advisers now owns 99,053 shares of the company’s stock valued at $2,177,000 after purchasing an additional 27,238 shares during the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

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.