Sable Offshore (NYSE:SOC) Lowered to “Strong Sell” Rating by Zacks Research

Sable Offshore (NYSE:SOC) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

Several other research firms have also commented on SOC. Jefferies Financial Group lowered 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 report on Wednesday, April 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Wall Street Zen upgraded shares of Sable Offshore from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Tuesday. Finally, Roth Mkm set a $22.00 price target on shares of Sable Offshore in a research report on Monday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Sable Offshore has a consensus rating of “Hold” and a consensus target price of $22.00.

Sable Offshore Trading Up 2.2%

Shares of SOC opened at $13.53 on Wednesday. The firm’s 50-day moving average is $14.31 and its two-hundred day moving average is $11.07. Sable Offshore has a twelve month low of $3.72 and a twelve month high of $32.18. The firm has a market capitalization of $2.09 billion, a P/E ratio of -3.17 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last issued its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. Analysts predict that Sable Offshore will post -0.18 EPS for the current year.

Insider Activity at Sable Offshore

In related news, EVP Gregory D. Patrinely sold 279,081 shares of the company’s stock in a transaction that occurred 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 executive vice president owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO James Caldwell Flores sold 279,081 shares of the company’s stock in a transaction that occurred 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 chief operating officer directly owned 442,794 shares in the company, valued at $7,390,231.86. The trade was a 38.66% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,077,406 shares of company stock valued at $17,202,083. Company insiders own 36.36% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in shares of Sable Offshore by 224.7% during the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock valued at $21,395,000 after buying an additional 896,258 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Sable Offshore by 135.1% during the first quarter. Janus Henderson Group PLC now owns 56,200 shares of the company’s stock valued at $927,000 after buying an additional 32,300 shares during the period. Sunbelt Securities Inc. lifted its stake in shares of Sable Offshore by 7.5% during the first quarter. Sunbelt Securities Inc. now owns 72,000 shares of the company’s stock valued at $1,189,000 after buying an additional 5,000 shares during the period. Royal Bank of Canada lifted its stake in shares of Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after buying an additional 895 shares during the period. Finally, Evercore Wealth Management LLC lifted its stake in shares of Sable Offshore by 31.7% during the first quarter. Evercore Wealth Management LLC now owns 20,750 shares of the company’s stock valued at $343,000 after buying an additional 5,000 shares during the period. Hedge funds and other 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.