Sable Offshore Corp. (NYSE:SOC – Get Free Report)’s share price dropped 5.7% during mid-day trading on Tuesday . The stock traded as low as $4.47 and last traded at $4.5450. Approximately 1,854,468 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 7,447,846 shares. The stock had previously closed at $4.82.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on SOC shares. Wall Street Zen cut shares of Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Roth Capital decreased their price objective on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Finally, Jefferies Financial Group reduced their target price on Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a report on Monday, July 6th. Three investment 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. According to data from MarketBeat, Sable Offshore currently has an average rating of “Hold” and a consensus target price of $15.33.
View Our Latest Stock Analysis on Sable Offshore
Sable Offshore Trading Up 4.6%
Sable Offshore (NYSE:SOC – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. As a group, equities research analysts anticipate that Sable Offshore Corp. will post -0.36 earnings per share for the current year.
Hedge Funds Weigh In On Sable Offshore
Large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after buying an additional 1,271 shares in the last quarter. NewEdge Advisors LLC grew its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Sable Offshore by 29.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock valued at $715,000 after acquiring an additional 7,438 shares during the last quarter. New York State Common Retirement Fund lifted its stake in Sable Offshore by 25.3% in the 2nd quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock worth $490,000 after purchasing an additional 4,500 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in Sable Offshore in the 2nd quarter worth $654,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.
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.
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