Sable Offshore (NYSE:SOC) Trading 10.2% Higher – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s stock price rose 10.2% during trading on Monday . The company traded as high as $13.16 and last traded at $13.5020. Approximately 286,516 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 5,587,790 shares. The stock had previously closed at $12.25.

Analyst Upgrades and Downgrades

SOC has been the subject of a number of research reports. Roth Mkm set a $22.00 price target on Sable Offshore in a research note on Monday, June 1st. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday. Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Stock Up 8.6%

The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -3.11 and a beta of -0.22. The firm’s 50 day moving average is $14.20 and its two-hundred day moving average is $11.12.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $16.10 million. On average, analysts anticipate that Sable Offshore Corp. will post 0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other Sable Offshore news, insider Anthony Duenner sold 39,312 shares of the company’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the transaction, the insider owned 590,864 shares in the company, valued at approximately $8,012,115.84. This represents a 6.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 company’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 completion of the transaction, the chief operating officer owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. This trade represents a 6.53% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,077,406 shares of company stock worth $17,202,083 over the last quarter. 36.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SOC. Alyeska Investment Group L.P. lifted its stake in shares of Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after acquiring an additional 10,400,275 shares during the period. Capital International Investors lifted its stake in shares of Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares during the period. FourWorld Capital Management LLC acquired a new stake in shares of Sable Offshore in the 4th quarter worth approximately $73,113,000. Encompass Capital Advisors LLC raised its holdings in Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after purchasing an additional 5,091,925 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares in the last quarter. 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.