Sable Offshore Corp. (NYSE:SOC – Get Free Report) dropped 8.2% on Wednesday . The company traded as low as $12.91 and last traded at $12.8530. Approximately 1,611,092 shares were traded during trading, a decline of 73% from the average daily volume of 5,952,569 shares. The stock had previously closed at $14.00.
Analyst Ratings Changes
Several equities research analysts have commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Jefferies Financial Group dropped their price target on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Finally, Wall Street Zen upgraded shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $22.00.
Read Our Latest Report on Sable Offshore
Sable Offshore Trading Down 6.3%
Sable Offshore (NYSE:SOC – Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The business had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. As a group, analysts anticipate that Sable Offshore Corp. will post 0.86 earnings per share for the current year.
Insiders Place Their Bets
In other Sable Offshore news, EVP Gregory D. Patrinely sold 39,311 shares of the business’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the executive vice president owned 562,740 shares in the company, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of the business’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the sale, 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 position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 1,077,406 shares of company stock worth $17,202,083. Company insiders own 36.36% of the company’s stock.
Hedge Funds Weigh In On Sable Offshore
Institutional investors and hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp purchased a new position in Sable Offshore during the 1st quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Sable Offshore during the 4th quarter valued at about $37,000. Aster Capital Management DIFC Ltd grew its stake in Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after acquiring an additional 3,790 shares in the last quarter. KBC Group NV grew its stake in Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after acquiring an additional 1,026 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Sable Offshore by 36.2% during the 1st 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. Hedge funds and other institutional investors 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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