Sable Offshore (NYSE:SOC) Shares Gap Down – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares gapped down before the market opened on Tuesday . The stock had previously closed at $4.87, but opened at $4.70. Sable Offshore shares last traded at $4.7350, with a volume of 411,977 shares traded.

Wall Street Analyst Weigh In

Several analysts have issued reports on SOC shares. Wall Street Zen lowered shares of Sable Offshore from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a research note on Wednesday, August 12th. Roth Capital reiterated a “buy” rating and set a $11.00 price target on shares of Sable Offshore in a report on Tuesday, August 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $13.33.

Sable Offshore Stock Down 1.1%

The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24. The firm has a fifty day simple moving average of $5.08 and a 200-day simple moving average of $10.29. The firm has a market cap of $894.11 million, a price-to-earnings ratio of -1.42 and a beta of -0.15.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.79). The business had revenue of $137.13 million for the quarter, compared to analysts’ expectations of $237.65 million. As a group, sell-side analysts expect that Sable Offshore Corp. will post -2.18 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Encompass Capital Advisors LLC boosted its holdings in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after acquiring an additional 5,091,925 shares during the period. Capital International Investors lifted its holdings in Sable Offshore by 542.6% during the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after purchasing an additional 9,788,351 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after purchasing an additional 10,400,275 shares during the last quarter. FourWorld Capital Management LLC bought a new stake in Sable Offshore in the 4th quarter valued at $73,113,000. Finally, Vanguard Group Inc. boosted its stake in Sable Offshore by 64.9% in the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after purchasing an additional 2,975,712 shares during the period. 26.19% of the stock is owned by institutional investors.

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.