Sable Offshore (NYSE:SOC) Shares Gap Down – What’s Next?

Sable Offshore Corp. (NYSE:SOC) shares gapped down prior to trading on Friday . The stock had previously closed at $14.37, but opened at $13.42. Sable Offshore shares last traded at $13.6950, with a volume of 500,432 shares trading hands.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SOC shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Jefferies Financial Group upped their price target on Sable Offshore from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, March 30th. Finally, Roth Mkm reaffirmed a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.50.

Sable Offshore Stock Down 5.2%

The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -3.24 and a beta of -0.10. The company has a fifty day moving average price of $12.91 and a two-hundred day moving average price of $10.86.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.20. On average, equities analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Activity

In other news, COO James Caldwell Flores sold 279,081 shares of the stock in a transaction that occurred on 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 sale, the chief operating officer directly owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anthony Duenner sold 279,081 shares of the 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 completion of the sale, the insider directly owned 470,919 shares of the company’s stock, valued at $7,859,638.11. The trade was a 37.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 837,243 shares of company stock valued at $13,973,586. 36.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

Hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC lifted its holdings in shares of Sable Offshore by 36.2% during 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 period. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Sable Offshore during the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd lifted its holdings in shares of Sable Offshore by 263.2% during the fourth 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. Whittier Trust Co. acquired a new stake in shares of Sable Offshore during the third quarter worth $115,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock worth $165,000 after purchasing an additional 2,960 shares during the period. 26.19% of the stock is 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.