Sable Offshore Corp. (NYSE:SOC – Get Free Report) was up 9.2% during trading on Tuesday . The stock traded as high as $4.29 and last traded at $4.3150. 1,338,976 shares were traded during trading, a decline of 81% from the average session volume of 7,117,784 shares. The stock had previously closed at $3.95.
Analyst Ratings Changes
A number of brokerages have commented on SOC. Wall Street Zen downgraded shares of Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Jefferies Financial Group decreased their price objective on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research report on Monday. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Roth Capital dropped their target price on Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Sable Offshore presently has an average rating of “Hold” and a consensus price target of $15.33.
Check Out Our Latest Report on Sable Offshore
Sable Offshore Stock Down 2.5%
Sable Offshore (NYSE:SOC – Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. On average, equities analysts forecast that Sable Offshore Corp. will post -0.27 EPS for the current fiscal year.
Insider Buying and Selling
In related news, COO James Caldwell Flores sold 39,311 shares of the business’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 completion of the sale, the chief operating officer directly owned 562,740 shares of the company’s stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction, the executive vice president owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% 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 have sold 240,163 shares of company stock worth $3,228,498 in the last ninety days. 20.00% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in SOC. Bank of America Corp DE lifted its stake in Sable Offshore by 224.7% in the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock valued at $21,395,000 after buying an additional 896,258 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Sable Offshore by 135.1% in the 1st quarter. Janus Henderson Group PLC now owns 56,200 shares of the company’s stock valued at $927,000 after acquiring an additional 32,300 shares during the period. Sunbelt Securities Inc. raised its position in Sable Offshore by 7.5% in the 1st quarter. Sunbelt Securities Inc. now owns 72,000 shares of the company’s stock valued at $1,189,000 after purchasing an additional 5,000 shares during the last quarter. Royal Bank of Canada raised its position in Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after purchasing an additional 895 shares during the last quarter. Finally, Evercore Wealth Management LLC boosted its stake in Sable Offshore by 31.7% during the 1st quarter. Evercore Wealth Management LLC now owns 20,750 shares of the company’s stock worth $343,000 after purchasing an additional 5,000 shares during the period. 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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