Sable Offshore (NYSE:SOC) Shares Down 6.6% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) shares traded down 6.6% on Thursday . The company traded as low as $9.65 and last traded at $9.5750. Approximately 892,822 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 5,498,091 shares. The stock had previously closed at $10.25.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SOC. Roth Mkm set a $22.00 price target on shares of Sable Offshore in a research report on Monday, June 1st. Jefferies Financial Group cut their price target on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Finally, Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $22.00.

Sable Offshore Trading Down 2.6%

The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -2.34 and a beta of -0.22. The business’s 50-day simple moving average is $13.40 and its two-hundred day simple moving average is $11.51.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. On average, analysts forecast that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 transaction of $533,070.72. Following the completion of the sale, the insider owned 590,864 shares of the company’s stock, valued at $8,012,115.84. This trade represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the chief operating officer owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% decrease in their position. 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 over the last 90 days. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SOC. Fifth Third Bancorp purchased a new stake in shares of Sable Offshore in the first quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore during the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd raised its stake in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after buying an additional 3,790 shares during the period. KBC Group NV lifted 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 valued at $52,000 after purchasing an additional 1,026 shares during the last quarter. Finally, NewEdge Advisors LLC raised 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 valued at $62,000 after acquiring an additional 650 shares during the period. Institutional investors and hedge funds 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.