Shares of Sable Offshore Corp. (NYSE:SOC – Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $6.97, but opened at $4.00. Sable Offshore shares last traded at $3.8530, with a volume of 8,453,709 shares.
Analyst Ratings Changes
Several brokerages have recently weighed in on SOC. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Jefferies Financial Group dropped their price target on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Tuesday, June 2nd. Finally, Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sable Offshore has an average rating of “Hold” and a consensus target price of $22.00.
Get Our Latest Research Report on Sable Offshore
Sable Offshore Stock Performance
Sable Offshore (NYSE:SOC – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $16.10 million. As a group, sell-side analysts expect that Sable Offshore Corp. will post 0.04 EPS for the current year.
Insider Transactions at Sable Offshore
In other news, COO James Caldwell Flores sold 39,311 shares of Sable Offshore stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the transaction, the chief operating officer 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the company’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the transaction, the insider owned 590,864 shares in the company, valued at approximately $8,012,115.84. This represents a 6.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 240,163 shares of company stock valued at $3,228,498 in the last three months. 20.00% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the business. Alyeska Investment Group L.P. raised its stake in shares of Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after acquiring an additional 10,400,275 shares in the last quarter. Capital International Investors lifted its holdings in shares of Sable Offshore by 542.6% during the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after acquiring an additional 9,788,351 shares during the period. FourWorld Capital Management LLC bought a new position in Sable Offshore during the 4th quarter valued at about $73,113,000. Encompass Capital Advisors LLC boosted its holdings in shares of Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after acquiring an additional 5,091,925 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.
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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