Sable Offshore (NYSE:SOC) Shares Gap Down – Time to Sell?

Shares of Sable Offshore Corp. (NYSE:SOC) gapped down before the market opened on Monday . The stock had previously closed at $11.73, but opened at $11.16. Sable Offshore shares last traded at $11.6570, with a volume of 2,668,815 shares changing hands.

Analysts Set New Price Targets

SOC has been the subject of several research analyst reports. Roth Capital restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Benchmark reissued a “buy” rating and issued a $20.00 target price on shares of Sable Offshore in a report on Friday. Cowen reissued a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Sable Offshore currently has a consensus rating of “Hold” and an average target price of $19.60.

Sable Offshore Trading Down 4.9%

The company has a market capitalization of $1.62 billion, a P/E ratio of -3.42 and a beta of 0.40. The stock’s 50-day moving average price is $6.89 and its 200-day moving average price is $17.66.

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

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The stock was purchased at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the acquisition, the insider owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 36.36% of the stock is currently owned by company insiders.

Institutional Trading of Sable Offshore

Several large investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after acquiring an additional 1,271 shares during the period. NewEdge Advisors LLC lifted its position in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after buying an additional 650 shares in the last quarter. Ascent Group LLC acquired a new stake in Sable Offshore in the 1st quarter valued at about $449,000. SCS Capital Management LLC bought a new position in shares of Sable Offshore in the first quarter worth about $3,044,000. Finally, Strs Ohio bought a new stake in shares of Sable Offshore during the first quarter valued at approximately $236,000. 26.19% of the stock is owned by 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.