Sable Offshore (NYSE:SOC) Lowered to “Strong Sell” Rating by Zacks Research

Sable Offshore (NYSE:SOC) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the stock. Jefferies Financial Group cut their price target on shares of 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 raised shares of Sable Offshore from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Tuesday. Finally, Roth Mkm set a $22.00 price target on shares of Sable Offshore in a research note on Monday. 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. Based on data from MarketBeat, Sable Offshore has an average rating of “Hold” and an average target price of $22.00.

Sable Offshore Stock Up 2.2%

NYSE:SOC opened at $13.53 on Wednesday. The company has a market cap of $2.09 billion, a P/E ratio of -3.17 and a beta of -0.22. Sable Offshore has a fifty-two week low of $3.72 and a fifty-two week high of $32.18. The firm’s 50 day moving average is $14.31 and its two-hundred day moving average is $11.07.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $16.10 million. Research analysts forecast that Sable Offshore will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Sable Offshore

In other news, insider Anthony Duenner sold 39,312 shares of the stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value 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 represents a 6.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 the stock in a transaction on Wednesday, April 29th. The stock was 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 directly owned 562,740 shares of the company’s stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Corporate insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOC. NewEdge Advisors LLC boosted its holdings in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the period. Royal Bank of Canada boosted its holdings in shares of Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after buying an additional 895 shares during the period. KBC Group NV boosted its holdings in shares of Sable Offshore by 48.7% in the 1st 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sable Offshore by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after buying an additional 1,271 shares during the period. Finally, Fifth Third Bancorp acquired a new position in shares of Sable Offshore in the 1st quarter valued at about $29,000. Hedge funds and other institutional investors 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.