Sable Offshore (NYSE:SOC) Shares Gap Down – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) gapped down prior to trading on Tuesday . The stock had previously closed at $10.60, but opened at $10.00. Sable Offshore shares last traded at $9.5940, with a volume of 866,752 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Roth Mkm set a $22.00 target price on shares of Sable Offshore in a research note on Monday, June 1st. 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 lowered shares of Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Sable Offshore has an average rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Stock Down 4.1%

The company has a market cap of $1.57 billion, a P/E ratio of -2.36 and a beta of -0.22. The stock’s 50-day moving average price is $13.58 and its 200 day moving average price is $11.43.

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

Insider Buying and Selling

In related news, insider Anthony Duenner sold 279,081 shares of the business’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the insider owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. The trade was a 37.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO James Caldwell Flores sold 279,081 shares of the business’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the chief operating officer directly owned 442,794 shares in the company, valued at $7,390,231.86. This trade represents a 38.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,077,406 shares of company stock valued at $17,202,083. 20.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently bought and sold shares of SOC. Capital International Investors boosted 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 valued at $104,564,000 after purchasing an additional 9,788,351 shares in the last quarter. HUB Investment Partners LLC acquired a new stake in shares of Sable Offshore in the 3rd quarter valued at $1,659,000. CenterBook Partners LP acquired a new stake in shares of Sable Offshore in the 3rd quarter valued at $2,864,000. Union Square Park Capital Management LLC acquired a new stake in shares of Sable Offshore in the 3rd quarter valued at $2,383,000. Finally, ANTIPODES PARTNERS Ltd acquired a new stake in shares of Sable Offshore in the 3rd quarter valued at $6,752,000. Institutional investors own 26.19% of the company’s stock.

About Sable Offshore

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.