Sable Offshore (NYSE:SOC) Stock Price Down 5.9% – Should You Sell?

Shares of Sable Offshore Corp. (NYSE:SOC) traded down 5.9% during trading on Wednesday . The company traded as low as $4.69 and last traded at $4.6650. 1,479,361 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 7,653,272 shares. The stock had previously closed at $4.96.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Stifel Nicolaus initiated coverage on shares of Sable Offshore in a research report on Thursday, September 10th. They issued a “buy” rating and a $8.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 30th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $12.00.

Sable Offshore Trading Down 4.9%

The firm has a market capitalization of $904.67 million, a price-to-earnings ratio of -1.43 and a beta of -0.16. The firm’s 50-day moving average is $4.58 and its 200 day moving average is $9.91. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85.

Sable Offshore (NYSE:SOC) last released its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The business had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. On average, equities analysts predict that Sable Offshore Corp. will post -2.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC increased its position in shares of Sable Offshore by 543.4% during the second quarter. NewEdge Advisors LLC now owns 14,804 shares of the company’s stock valued at $46,000 after acquiring an additional 12,503 shares during the last quarter. IFP Advisors Inc lifted its position in shares of Sable Offshore by 15,098,500.0% during the 2nd quarter. IFP Advisors Inc now owns 150,986 shares of the company’s stock valued at $465,000 after buying an additional 150,985 shares during the last quarter. Mraz Amerine & Associates Inc. boosted its position in Sable Offshore by 30.3% during the second quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock worth $55,000 after purchasing an additional 4,125 shares during the period. Odyssean LLC bought a new position in Sable Offshore in the 2nd quarter worth approximately $187,000. Finally, AXQ Capital LP grew its position in shares of Sable Offshore by 25.6% in the second quarter. AXQ Capital LP now owns 37,069 shares of the company’s stock valued at $114,000 after purchasing an additional 7,552 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore Corp. is an independent energy company focused on the development and production of oil and natural gas from offshore assets in the United States. Its principal operations are centered on the Santa Ynez Unit (SYU), located in federal waters off the coast of California.

The company’s Santa Ynez assets include offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon onshore processing and storage facility. Sable is working to restore and restart production from the system, which has been inactive since a pipeline incident led to the suspension of operations in 2015.

Sable acquired the Santa Ynez assets from ExxonMobil and became a publicly traded company through a business combination with Flame Acquisition Corp.