Sable Offshore (NYSE:SOC) Shares Up 9.2% – Time to Buy?

Sable Offshore Corp. (NYSE:SOC)’s share price was up 9.2% during mid-day trading on Tuesday . The company traded as high as $4.29 and last traded at $4.3150. Approximately 1,338,976 shares were traded during trading, a decline of 81% from the average daily volume of 7,117,784 shares. The stock had previously closed at $3.95.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SOC. Roth Capital reduced their target price on Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Jefferies Financial Group lowered their price target on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a report on Monday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $15.33.

Sable Offshore Stock Performance

The business has a fifty day simple moving average of $11.62 and a 200-day simple moving average of $11.64. The stock has a market capitalization of $646.00 million, a P/E ratio of -0.97 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last announced its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. On average, sell-side analysts anticipate that Sable Offshore Corp. will post -0.27 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO James Caldwell Flores sold 40,743 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total value of $543,104.19. Following the sale, the chief operating officer owned 502,051 shares in the company, valued at approximately $6,692,339.83. This trade represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 40,743 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.33, for a total value of $543,104.19. Following the completion of the sale, the executive vice president directly owned 502,051 shares in the company, valued at approximately $6,692,339.83. The trade was a 7.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 240,163 shares of company stock worth $3,228,498 in the last quarter. 20.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

A number of institutional investors have recently made changes to their positions in SOC. Fifth Third Bancorp bought a new stake in Sable Offshore in the first quarter valued at approximately $29,000. NewEdge Advisors LLC boosted its holdings in 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 acquiring an additional 650 shares in the last quarter. KBC Group NV raised its stake in Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after buying an additional 1,026 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Sable Offshore during the 4th quarter valued at approximately $37,000. Finally, Royal Bank of Canada boosted its position in Sable Offshore by 22.3% during the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after acquiring an additional 895 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

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.