Sable Offshore (NYSE:SOC) Stock Price Down 6% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s share price was down 6% during mid-day trading on Tuesday . The company traded as low as $9.80 and last traded at $10.0290. Approximately 1,278,868 shares changed hands during trading, a decline of 85% from the average daily volume of 8,748,887 shares. The stock had previously closed at $10.67.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Finally, Roth Capital restated a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Five investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, Sable Offshore currently has an average rating of “Hold” and a consensus price target of $19.60.

Sable Offshore Stock Performance

The company’s 50-day moving average price is $6.68 and its 200 day moving average price is $17.15. The stock has a market capitalization of $1.53 billion, a P/E ratio of -3.24 and a beta of 0.40.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). Analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The shares were bought at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the purchase, the insider owned 10,933,394 shares of the company’s stock, valued at $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

A number of institutional investors have recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC lifted its holdings in shares of Sable Offshore by 83.8% in the second quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock worth $108,845,000 after buying an additional 2,257,069 shares in the last quarter. Vanguard Group Inc. grew its stake in Sable Offshore by 2.4% during the third quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company’s stock valued at $80,001,000 after acquiring an additional 108,504 shares in the last quarter. State Street Corp increased its holdings in Sable Offshore by 16.1% in the 2nd quarter. State Street Corp now owns 3,035,292 shares of the company’s stock valued at $66,716,000 after acquiring an additional 420,433 shares during the last quarter. Capital International Investors bought a new stake in Sable Offshore in the 3rd quarter valued at $31,499,000. Finally, Geode Capital Management LLC lifted its stake in Sable Offshore by 29.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,624,893 shares of the company’s stock worth $35,721,000 after purchasing an additional 368,059 shares in the last quarter. 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.