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

Sable Offshore Corp. (NYSE:SOC)’s share price gapped down before the market opened on Monday . The stock had previously closed at $15.37, but opened at $14.81. Sable Offshore shares last traded at $14.8790, with a volume of 378,174 shares traded.

Wall Street Analyst Weigh In

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

Sable Offshore Price Performance

The company’s 50 day simple moving average is $12.13 and its 200 day simple moving average is $11.26. The stock has a market cap of $2.16 billion, a P/E ratio of -3.49 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 (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.20. On average, equities research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity

In related news, COO James Caldwell Flores sold 279,081 shares of the 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 sale, the chief operating officer owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Anthony Duenner sold 279,081 shares of the company’s stock in a transaction 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 sale, the insider owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. The trade was a 37.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 837,243 shares of company stock valued at $13,973,586. 36.36% of the stock is owned by company insiders.

Institutional Trading of Sable Offshore

Several large investors have recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Sable Offshore during the 4th quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd boosted its position in Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares during the period. NewEdge Advisors LLC grew its holdings in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after acquiring an additional 650 shares during the last quarter. Williams Jones Wealth Management LLC. acquired a new position in Sable Offshore in the 4th quarter valued at approximately $90,000. Finally, Kestra Advisory Services LLC acquired a new stake in Sable Offshore in the fourth quarter valued at $97,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Company Profile

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.