Sable Offshore (NYSE:SOC) Shares Gap Down – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped down prior to trading on Monday . The stock had previously closed at $9.68, but opened at $9.19. Sable Offshore shares last traded at $9.27, with a volume of 1,873,642 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SOC. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a report on Monday, December 29th. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, January 8th. Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.00.

Sable Offshore Trading Down 5.8%

The firm has a market cap of $1.32 billion, a PE ratio of -2.80 and a beta of 0.40. The stock’s 50 day moving average price is $8.23 and its 200 day moving average price is $15.99.

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

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently added to or reduced their stakes in SOC. Vanguard Group Inc. boosted its position in Sable Offshore by 64.9% in the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after buying an additional 2,975,712 shares during the last quarter. Encompass Capital Advisors LLC boosted its holdings in shares of Sable Offshore by 83.8% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock valued at $108,845,000 after buying an additional 2,257,069 shares during the period. State Street Corp grew its position in shares of Sable Offshore by 16.1% during the 2nd quarter. State Street Corp now owns 3,035,292 shares of the company’s stock valued at $66,716,000 after buying an additional 420,433 shares during the last quarter. Capital International Investors acquired a new stake in Sable Offshore during the third quarter worth about $31,499,000. Finally, Geode Capital Management LLC raised its stake in Sable Offshore by 29.3% during the second quarter. Geode Capital Management LLC now owns 1,624,893 shares of the company’s stock worth $35,721,000 after acquiring an additional 368,059 shares during the period. 26.19% of the stock is owned by institutional investors and hedge funds.

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.