Shares of Sable Offshore Corp. (NYSE:SOC – Get Free Report) have earned a consensus rating of “Hold” from the six ratings firms that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $22.00.
A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Wall Street Zen lowered shares of Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Roth Mkm set a $22.00 price objective on shares of Sable Offshore in a report on Monday, June 1st. Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group dropped their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, April 22nd.
View Our Latest Analysis on SOC
Sable Offshore Stock Down 3.6%
Sable Offshore (NYSE:SOC – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. Analysts anticipate that Sable Offshore will post 0.04 EPS for the current fiscal year.
Insider Activity
In other Sable Offshore news, COO James Caldwell Flores sold 39,311 shares of the company’s stock in a transaction 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 sale, the chief operating officer directly owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the executive vice president 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,077,406 shares of company stock valued at $17,202,083 over the last ninety days. 20.00% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Sable Offshore
Hedge funds have recently added to or reduced their stakes in the business. Capital International Investors raised its position in shares of Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares during the period. HUB Investment Partners LLC acquired a new position in shares of Sable Offshore in the third quarter worth about $1,659,000. Union Square Park Capital Management LLC acquired a new position in shares of Sable Offshore in the third quarter worth about $2,383,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Sable Offshore in the third quarter worth about $6,752,000. Finally, Vanguard Group Inc. raised its position in shares of Sable Offshore by 2.4% in the third quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company’s stock worth $80,001,000 after acquiring an additional 108,504 shares during the period. 26.19% of the stock is owned by hedge funds and other institutional investors.
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.
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