Sable Offshore (NYSE:SOC) Trading Down 4.6% – Time to Sell?

Shares of Sable Offshore Corp. (NYSE:SOC) fell 4.6% on Thursday . The company traded as low as $4.16 and last traded at $4.1990. 3,858,516 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 6,904,643 shares. The stock had previously closed at $4.40.

Analyst Ratings Changes

SOC has been the topic of several recent analyst reports. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Jefferies Financial Group dropped their price objective on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. Roth Mkm reduced their price objective on Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Finally, Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $19.67.

Sable Offshore Price Performance

The firm’s fifty day moving average price is $11.83 and its 200-day moving average price is $11.61. The company has a market capitalization of $659.27 million, a price-to-earnings ratio of -1.00 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data 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 company had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. On average, research analysts predict that Sable Offshore Corp. will post -0.27 earnings per share for the current year.

Insider Activity

In other news, COO James Caldwell Flores sold 39,311 shares of the business’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the chief operating officer directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 company’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 transaction, 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 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. Over the last three months, insiders have sold 240,163 shares of company stock valued at $3,228,498. 20.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOC. Fifth Third Bancorp bought a new position in shares of Sable Offshore during the first quarter valued at $29,000. NewEdge Advisors LLC grew its stake in shares of Sable Offshore by 36.2% in 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 increased its holdings in Sable Offshore by 48.7% in 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 period. Whittier Trust Co. of Nevada Inc. acquired a new stake in Sable Offshore in the fourth quarter valued at $37,000. Finally, Royal Bank of Canada raised its position in Sable Offshore by 22.3% during the 1st 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 currently owned by institutional investors and hedge funds.

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.