Sable Offshore (NYSE:SOC) Stock Price Down 5.7% – Should You Sell?

by · The Markets Daily

Sable Offshore Corp. (NYSE:SOC – Get Free Report)’s share price dropped 5.7% during trading on Tuesday . The stock traded as low as $4.57 and last traded at $4.5150. Approximately 3,465,414 shares traded hands during trading, an increase of 2% from the average daily volume of 3,382,282 shares. The stock had previously closed at $4.79.

Analysts Set New Price Targets

A number of analysts have recently commented on SOC shares. Roth Capital restated a “buy” rating on shares of Sable Offshore in a report on Monday. Benchmark lowered their price target on shares of Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 4th. Jefferies Financial Group dropped their price objective on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Sable Offshore has a consensus rating of “Hold” and an average target price of $19.60.

Check Out Our Latest Analysis on SOC

Sable Offshore Stock Performance

The stock has a market cap of $655.07 million, a PE ratio of -1.39 and a beta of 0.51. The firm has a 50-day moving average price of $11.73 and a 200-day moving average price of $21.00.

Sable Offshore (NYSE:SOC – Get Free Report) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). As a group, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim purchased 982,645 shares of Sable Offshore stock in a transaction that occurred on Wednesday, October 15th. The stock was bought at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the transaction, the insider directly owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. The trade was a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.36% of the stock is owned by company insiders.

Institutional Trading of Sable Offshore

A number of institutional investors and hedge funds have recently modified their holdings of SOC. SVB Wealth LLC purchased a new position in shares of Sable Offshore in the first quarter worth $29,000. CWM LLC increased its holdings in Sable Offshore by 1,262.8% in the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after buying an additional 1,730 shares in the last quarter. KBC Group NV bought a new stake in Sable Offshore in the 2nd quarter worth about $46,000. Quantbot Technologies LP purchased a new position in Sable Offshore in the 1st quarter worth about $48,000. Finally, NewEdge Advisors LLC lifted its stake in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares during the period. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

(Get Free Report)

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.

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