Sable Offshore (NYSE:SOC) Reaches New 52-Week Low Following Weak Earnings

Sable Offshore Corp. (NYSE:SOC) shares hit a new 52-week low during mid-day trading on Friday following a weaker than expected earnings announcement. The company traded as low as $4.04 and last traded at $4.1950, with a volume of 13981004 shares trading hands. The stock had previously closed at $5.89.

The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21).

Analyst Ratings Changes

SOC has been the topic of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Jefferies Financial Group lowered their price objective on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. Roth Capital reiterated a “buy” rating and set a $22.00 price target on shares of Sable Offshore in a research report on Tuesday. Finally, Benchmark reduced their price objective on Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, November 4th. Five research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $19.60.

Insider Activity

In related news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The shares were purchased at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 36.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently modified their holdings of the business. SVB Wealth LLC purchased a new position in shares of Sable Offshore in the 1st quarter valued at about $29,000. CWM LLC increased its position in Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after purchasing an additional 1,730 shares in the last quarter. KBC Group NV acquired a new position in shares of Sable Offshore in the second quarter valued at approximately $46,000. Quantbot Technologies LP purchased a new position in shares of Sable Offshore during the 1st quarter worth $48,000. Finally, NewEdge Advisors LLC grew its holdings in Sable Offshore by 36.2% in the 1st 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. 26.19% of the stock is owned by hedge funds and other institutional investors.

Sable Offshore Stock Performance

The firm’s 50-day moving average is $15.82 and its 200 day moving average is $22.41.

About Sable Offshore

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.