Sable Offshore Corp. (NYSE:SOC) Receives $19.50 Consensus PT from Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $19.50.

SOC has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Jefferies Financial Group upped their price target on Sable Offshore from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, March 30th. Roth Mkm reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, TD Cowen reiterated a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th.

Sable Offshore Price Performance

Shares of NYSE SOC opened at $13.72 on Monday. Sable Offshore has a one year low of $3.72 and a one year high of $35.00. The business’s fifty day moving average price is $12.37 and its 200-day moving average price is $11.15. The stock has a market capitalization of $2.02 billion, a PE ratio of -3.27 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. As a group, equities analysts expect that Sable Offshore will post -6.39 EPS for the current fiscal year.

Insider Activity at Sable Offshore

In related news, EVP Gregory D. Patrinely 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 sale, the executive vice president directly owned 442,794 shares in the company, valued at approximately $7,390,231.86. The trade was a 38.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $4,657,861.89. Following the sale, the insider owned 470,919 shares in the company, valued at approximately $7,859,638.11. The trade was a 37.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 837,243 shares of company stock worth $13,973,586. 36.36% of the stock is owned by company insiders.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently made changes to their positions in SOC. Alyeska Investment Group L.P. raised its stake 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 during the period. Capital International Investors raised 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 purchasing an additional 9,788,351 shares during the period. FourWorld Capital Management LLC bought a new stake in shares of Sable Offshore during the 4th quarter valued at $73,113,000. Encompass Capital Advisors LLC raised its stake 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 period. Finally, Vanguard Group Inc. raised its stake in shares of Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after purchasing an additional 2,975,712 shares during the period. 26.19% of the stock is currently 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.