Sable Offshore Corp. (NYSE:SOC) Receives Consensus Recommendation of “Hold” from Brokerages

Sable Offshore Corp. (NYSE:SOC) has been given a consensus rating of “Hold” by the five brokerages that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $22.00.

Several equities research analysts have issued reports on the stock. Roth Mkm set a $22.00 target price on shares of Sable Offshore in a research report on Monday. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Wall Street Zen raised shares of Sable Offshore from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Jefferies Financial Group decreased their price target on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd.

Sable Offshore Stock Down 11.0%

SOC opened at $13.04 on Tuesday. The firm has a 50-day moving average price of $14.48 and a 200-day moving average price of $10.90. Sable Offshore has a twelve month low of $3.72 and a twelve month high of $32.18. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of -3.05 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) EPS 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 the consensus estimate of $16.10 million. On average, sell-side analysts expect that Sable Offshore will post 0.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Gregory D. Patrinely sold 279,081 shares of Sable Offshore 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 transaction, the executive vice president directly owned 442,794 shares of the company’s stock, valued at $7,390,231.86. The trade was a 38.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 transaction of $4,657,861.89. Following the transaction, the insider directly 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. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,077,406 shares of company stock valued at $17,202,083 over the last three months. 36.36% of the stock is owned by company insiders.

Institutional Trading of Sable Offshore

A number of hedge funds have recently modified their holdings of the business. Fifth Third Bancorp bought a new position in Sable Offshore during the 1st quarter valued at about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore during the 4th quarter valued at about $37,000. Aster Capital Management DIFC Ltd increased its position in shares of Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after purchasing an additional 3,790 shares during the last quarter. KBC Group NV increased its position 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 purchasing an additional 1,026 shares during the last quarter. Finally, NewEdge Advisors LLC increased its position in shares of 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 purchasing an additional 650 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

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.