Sable Offshore (NYSE:SOC) Stock Price Down 5.7% – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price was down 5.7% on Tuesday . The company traded as low as $12.05 and last traded at $12.2360. Approximately 836,518 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 6,808,507 shares. The stock had previously closed at $12.98.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SOC shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Jefferies Financial Group boosted their price target on Sable Offshore from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, March 30th. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, Roth Mkm restated a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.50.

Sable Offshore Trading Up 1.5%

The stock has a 50 day moving average of $12.76 and a 200-day moving average of $10.83. The company has a market capitalization of $1.91 billion, a P/E ratio of -3.08 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. As a group, sell-side analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Activity at Sable Offshore

In related news, COO James Caldwell Flores sold 279,081 shares of the business’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the transaction, the chief operating officer directly owned 442,794 shares in the company, valued at approximately $7,390,231.86. The trade was a 38.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Gregory D. Patrinely sold 279,081 shares of the business’s stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the executive vice president owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. This trade represents a 38.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 837,243 shares of company stock worth $13,973,586. 36.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Whittier Trust Co. of Nevada Inc. bought a new position in Sable Offshore in the 4th quarter worth approximately $37,000. Aster Capital Management DIFC Ltd boosted its stake in Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares during the period. NewEdge Advisors LLC boosted its stake in Sable Offshore by 36.2% in the 1st 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 period. Williams Jones Wealth Management LLC. bought a new position in Sable Offshore in the 4th quarter worth approximately $90,000. Finally, Kestra Advisory Services LLC bought a new position in Sable Offshore in the 4th quarter worth approximately $97,000. 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.