Sable Offshore (NYSE:SOC) Shares Down 10.9% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) shares dropped 10.9% on Wednesday . The stock traded as low as $8.19 and last traded at $7.9690. Approximately 311,656 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 5,496,757 shares. The stock had previously closed at $8.94.

Analysts Set New Price Targets

A number of research analysts have weighed in on SOC shares. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Jefferies Financial Group dropped their target price on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Tuesday, June 2nd. Finally, Roth Mkm set a $22.00 price target on Sable Offshore in a research note on Monday, June 1st. Three investment 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.com, the stock has an average rating of “Hold” and a consensus price target of $22.00.

Sable Offshore Stock Down 11.0%

The company has a market cap of $1.23 billion, a PE ratio of -1.87 and a beta of -0.22. The stock’s 50 day simple moving average is $13.08 and its two-hundred day simple moving average is $11.65.

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

Insider Buying and Selling

In related news, COO James Caldwell Flores sold 39,311 shares of Sable Offshore 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 sale, the chief operating officer owned 562,740 shares of the company’s stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 business’s stock in a transaction on 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 executive vice president owned 562,740 shares in the company, valued at $7,630,754.40. This represents a 6.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,077,406 shares of company stock valued at $17,202,083 in the last quarter. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SOC. Alyeska Investment Group L.P. grew its stake in Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after purchasing an additional 10,400,275 shares in the last quarter. Capital International Investors boosted its stake in shares of Sable Offshore by 542.6% during the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after buying an additional 9,788,351 shares during the last quarter. FourWorld Capital Management LLC purchased a new position in shares of Sable Offshore during the 4th quarter valued at approximately $73,113,000. Encompass Capital Advisors LLC grew its position in shares of 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 buying an additional 5,091,925 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of 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 buying an additional 2,975,712 shares in the last quarter. Institutional investors and hedge funds 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.