Sable Offshore (NYSE:SOC) Shares Gap Down – Here’s Why

Sable Offshore Corp. (NYSE:SOC) gapped down before the market opened on Monday . The stock had previously closed at $11.73, but opened at $11.16. Sable Offshore shares last traded at $11.6570, with a volume of 2,668,815 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SOC shares. Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Roth Capital reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Finally, Benchmark reiterated a “buy” rating and issued a $20.00 price objective on shares of Sable Offshore in a report on Friday. Five equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $19.60.

Sable Offshore Price Performance

The business’s 50 day moving average price is $6.89 and its 200 day moving average price is $17.66. The stock has a market capitalization of $1.62 billion, a P/E ratio of -3.42 and a beta of 0.40.

Sable Offshore (NYSE:SOC) last posted its earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). As a group, analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim bought 982,645 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were purchased at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the transaction, the insider owned 10,933,394 shares in the company, valued at $164,438,245.76. This trade represents a 9.88% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently modified their holdings of the business. Cooper Creek Partners Management LLC bought a new position in shares of Sable Offshore during the 2nd quarter worth $24,465,000. Two Seas Capital LP acquired a new position in shares of Sable Offshore during the 2nd quarter worth about $9,708,000. Capital Fund Management S.A. lifted its holdings in Sable Offshore by 172.6% in the 2nd quarter. Capital Fund Management S.A. now owns 329,083 shares of the company’s stock valued at $7,233,000 after purchasing an additional 208,359 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its holdings in Sable Offshore by 102.1% in the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 351,887 shares of the company’s stock valued at $7,734,000 after acquiring an additional 177,733 shares during the last quarter. Finally, Emerald Advisers LLC grew its position in shares of Sable Offshore by 110.2% in the second quarter. Emerald Advisers LLC now owns 611,613 shares of the company’s stock valued at $13,443,000 after purchasing an additional 320,589 shares in the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.