Sable Offshore Corp. (NYSE:SOC) Given Consensus Rating of “Hold” by Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC) have earned a consensus rating of “Hold” from the five brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $22.00.

Several analysts have recently commented on the company. Jefferies Financial Group reduced their price target on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, April 22nd. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Wall Street Zen raised Sable Offshore from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th.

Sable Offshore Trading Down 0.2%

Sable Offshore stock opened at $14.66 on Tuesday. Sable Offshore has a twelve month low of $3.72 and a twelve month high of $32.18. The stock has a 50 day moving average of $14.56 and a two-hundred day moving average of $10.83. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of -3.43 and a beta of -0.22.

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 analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. Equities analysts predict that Sable Offshore will post 0.86 earnings per share for the current year.

Insider Activity

In other news, insider Anthony Duenner sold 39,312 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the sale, the insider directly owned 590,864 shares of the company’s stock, valued at $8,012,115.84. This trade represents a 6.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 39,311 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president 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 1,077,406 shares of company stock valued at $17,202,083 in the last three months. 36.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp acquired a new position in Sable Offshore during the first quarter worth $29,000. NewEdge Advisors LLC raised its holdings in 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 purchasing an additional 650 shares during the last quarter. KBC Group NV raised its holdings in Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in Sable Offshore during the fourth quarter worth $37,000. Finally, Royal Bank of Canada raised its holdings in Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after purchasing an additional 895 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.