Sable Offshore (NYSE:SOC) Trading Down 7.5% – Time to Sell?

Sable Offshore Corp. (NYSE:SOC) shares fell 7.5% on Thursday . The company traded as low as $3.86 and last traded at $3.8480. Approximately 2,308,252 shares traded hands during trading, a decline of 69% from the average session volume of 7,396,917 shares. The stock had previously closed at $4.16.

Analyst Upgrades and Downgrades

SOC has been the subject of a number of recent research reports. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Roth Capital lowered their price objective on Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, July 1st. Finally, Jefferies Financial Group dropped their target price on Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a report on Monday, July 6th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.33.

Sable Offshore Stock Performance

The firm has a market cap of $601.23 million, a price-to-earnings ratio of -0.92 and a beta of -0.08. The business’s 50-day moving average is $10.28 and its 200-day moving average is $11.44.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. Equities research analysts expect that Sable Offshore Corp. will post -0.27 EPS for the current fiscal year.

Insider Activity at Sable Offshore

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the sale, the executive vice president directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of Sable Offshore stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the transaction, the chief operating officer directly owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 240,163 shares of company stock valued at $3,228,498 in the last three months. Corporate insiders own 20.00% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp bought a new position in shares of Sable Offshore in the 1st quarter valued at about $29,000. NewEdge Advisors LLC raised 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 buying an additional 650 shares during the last quarter. KBC Group NV lifted its holdings in Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after buying an additional 1,026 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in Sable Offshore in the fourth quarter valued at approximately $37,000. Finally, Royal Bank of Canada boosted its stake in Sable Offshore by 22.3% in the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after acquiring an additional 895 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

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.