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

Sable Offshore Corp. (NYSE:SOC) shares gapped down before the market opened on Monday . The stock had previously closed at $15.37, but opened at $14.81. Sable Offshore shares last traded at $14.8790, with a volume of 378,174 shares.

Analyst Ratings Changes

A number of research firms have weighed in on SOC. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. TD Cowen reiterated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Jefferies Financial Group upped their target price on Sable Offshore from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, March 30th. Finally, Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Sable Offshore currently has a consensus rating of “Hold” and a consensus target price of $19.50.

Sable Offshore Stock Performance

The business has a fifty day moving average of $12.13 and a 200-day moving average of $11.26. The company has a market capitalization of $2.16 billion, a P/E ratio of -3.49 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last posted its earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.20. Sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, insider Anthony Duenner sold 279,081 shares of the stock in a transaction dated 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 completion of the transaction, the insider owned 470,919 shares in the company, valued at $7,859,638.11. This trade represents a 37.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Gregory D. Patrinely sold 279,081 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president owned 442,794 shares in the company, valued at $7,390,231.86. The trade was a 38.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 837,243 shares of company stock valued at $13,973,586 over the last three months. 36.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently modified their holdings of SOC. Alyeska Investment Group L.P. grew its position in shares of 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 lifted its stake in Sable Offshore by 542.6% during the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after purchasing an additional 9,788,351 shares during the last quarter. FourWorld Capital Management LLC purchased a new position in shares of Sable Offshore in the 4th quarter worth about $73,113,000. Encompass Capital Advisors LLC increased its position in shares of Sable Offshore by 60.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after purchasing an additional 5,091,925 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Sable Offshore by 64.9% in 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. 26.19% of the stock is currently owned by institutional investors.

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.