Sable Offshore (NYSE:SOC) Stock Price Down 6.6% – Should You Sell?
by Renee Jackson · The Cerbat GemShares of Sable Offshore Corp. (NYSE:SOC – Get Free Report) were down 6.6% during mid-day trading on Thursday . The company traded as low as $9.65 and last traded at $9.5750. 892,822 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 5,498,091 shares. The stock had previously closed at $10.25.
Wall Street Analyst Weigh In
SOC has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Wall Street Zen lowered Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Jefferies Financial Group lowered their price target 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. Roth Mkm set a $22.00 price objective on shares of Sable Offshore in a report on Monday, June 1st. Finally, Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $22.00.
View Our Latest Stock Analysis on SOC
Sable Offshore Price Performance
The company has a market cap of $1.56 billion, a price-to-earnings ratio of -2.36 and a beta of -0.22. The stock has a 50-day moving average price of $13.24 and a 200 day moving average price of $11.54.
Sable Offshore (NYSE:SOC – Get Free Report) last posted 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 company had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. Sell-side analysts expect that Sable Offshore Corp. will post 0.04 EPS for the current fiscal year.
Insider Transactions at Sable Offshore
In related news, insider Anthony Duenner sold 39,312 shares of the firm’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,070.72. Following the sale, the insider directly owned 590,864 shares in the company, valued at $8,012,115.84. This trade represents a 6.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the executive vice president directly owned 562,740 shares in the company, valued at $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. 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. Insiders sold 1,077,406 shares of company stock valued at $17,202,083 over the last quarter. Corporate insiders own 20.00% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the company. Fifth Third Bancorp acquired a new position in Sable Offshore during the 1st quarter worth approximately $29,000. NewEdge Advisors LLC raised its holdings in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the last quarter. KBC Group NV raised its holdings in shares of Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after purchasing an additional 1,026 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Sable Offshore in the fourth quarter worth $37,000. Finally, Royal Bank of Canada boosted its holdings in Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after purchasing an additional 895 shares during 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.