Sable Offshore (NYSE:SOC) Stock Price Up 10.2% – Should You Buy?

Sable Offshore Corp. (NYSE:SOC) was up 10.2% during mid-day trading on Monday . The stock traded as high as $13.16 and last traded at $13.5020. Approximately 286,516 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 5,587,790 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

Several analysts have recently issued reports on SOC shares. Roth Mkm set a $22.00 price target on shares of Sable Offshore in a research report on Monday, June 1st. Jefferies Financial Group lowered 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 report on Wednesday, April 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Finally, Wall Street Zen lowered Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Sable Offshore currently has an average rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Stock Down 9.8%

The company has a 50-day moving average price of $13.97 and a two-hundred day moving average price of $11.24. The stock has a market capitalization of $1.83 billion, a P/E ratio of -2.77 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. On average, sell-side analysts expect that Sable Offshore Corp. will post 0.04 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, EVP Gregory D. Patrinely sold 279,081 shares of the company’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the executive vice president directly owned 442,794 shares in the company, valued at $7,390,231.86. This represents a 38.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James Caldwell Flores sold 279,081 shares of the company’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the chief operating officer owned 442,794 shares in the company, valued at $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,077,406 shares of company stock valued at $17,202,083 in the last three months. Company insiders own 36.36% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp bought a new stake in Sable Offshore during the first quarter valued at approximately $29,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Sable Offshore during the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd lifted its position in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after purchasing an additional 3,790 shares during the last quarter. KBC Group NV lifted its position 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 lifted its position in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the last quarter. 26.19% of the stock is currently owned by 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.