Sable Offshore (NYSE:SOC) Shares Gap Down After Analyst Downgrade

Sable Offshore Corp. (NYSE:SOC) shares gapped down prior to trading on Wednesday after Jefferies Financial Group lowered their price target on the stock from $38.00 to $20.00. The stock had previously closed at $7.23, but opened at $7.00. Jefferies Financial Group currently has a buy rating on the stock. Sable Offshore shares last traded at $6.1390, with a volume of 2,027,416 shares changing hands.

A number of other equities research analysts have also recently commented on SOC. Benchmark reduced their price target on shares of Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, November 4th. Roth Capital restated a “buy” rating and set a $22.00 price objective on shares of Sable Offshore in a report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $19.60.

Insider Activity

In related news, major shareholder Global Icav Pilgrim purchased 982,645 shares of Sable Offshore stock in a transaction dated Wednesday, October 15th. The stock was bought at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the transaction, the insider owned 10,933,394 shares in the company, valued at $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 36.36% of the stock is currently owned by company insiders.

Institutional Trading of Sable Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Encompass Capital Advisors LLC boosted its position in Sable Offshore by 83.8% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock valued at $108,845,000 after buying an additional 2,257,069 shares during the period. Cooper Creek Partners Management LLC bought a new stake in shares of Sable Offshore in the second quarter worth about $24,465,000. Bank of America Corp DE increased its holdings in Sable Offshore by 329.8% during the 2nd quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock valued at $24,715,000 after purchasing an additional 862,810 shares during the period. Two Seas Capital LP bought a new stake in shares of Sable Offshore in the 2nd quarter worth approximately $9,708,000. Finally, State Street Corp raised its holdings in shares of Sable Offshore by 16.1% during the second quarter. State Street Corp now owns 3,035,292 shares of the company’s stock valued at $66,716,000 after acquiring an additional 420,433 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Performance

The company’s 50-day moving average price is $16.86 and its 200 day moving average price is $22.75. The stock has a market capitalization of $589.58 million, a PE ratio of -1.76 and a beta of 0.46.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.