Sable Offshore (NYSE:SOC) Trading Down 6.6% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC) fell 6.6% on Thursday . The company traded as low as $9.65 and last traded at $9.5750. Approximately 892,822 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 5,498,091 shares. The stock had previously closed at $10.25.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SOC. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Wall Street Zen downgraded shares of Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Roth Mkm set a $22.00 price target on shares of Sable Offshore in a report on Monday, June 1st. Jefferies Financial Group decreased their price objective 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, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Sable Offshore currently has a consensus rating of “Hold” and an average price target of $22.00.

Sable Offshore Trading Down 2.6%

The firm has a market capitalization of $1.54 billion, a P/E ratio of -2.34 and a beta of -0.22. The company’s fifty day simple moving average is $13.40 and its 200 day simple moving average is $11.51.

Sable Offshore (NYSE:SOC) last announced its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share 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 analysts’ expectations of $16.10 million. On average, analysts predict that Sable Offshore Corp. will post 0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the transaction, the executive vice president owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the transaction, the insider owned 590,864 shares of the company’s stock, valued at approximately $8,012,115.84. The trade was a 6.24% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 1,077,406 shares of company stock valued at $17,202,083. 20.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOC. Fifth Third Bancorp bought a new position in Sable Offshore in the first quarter worth $29,000. NewEdge Advisors LLC lifted its position in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the period. KBC Group NV boosted its holdings in shares of Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after buying an additional 1,026 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Sable Offshore during the 4th quarter valued at $37,000. Finally, Royal Bank of Canada grew its position in shares of Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after buying an additional 895 shares during the period. 26.19% of the stock is owned by hedge funds and other 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.