Sable Offshore (NYSE:SOC) Stock Price Down 6.9% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s stock price was down 6.9% on Wednesday . The stock traded as low as $9.45 and last traded at $9.41. Approximately 1,425,083 shares changed hands during trading, a decline of 86% from the average daily volume of 9,874,661 shares. The stock had previously closed at $10.11.

Analyst Ratings Changes

Several research firms have recently commented on SOC. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Monday, December 29th. Benchmark reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday. Roth Capital restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, Cowen reissued a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sable Offshore currently has a consensus rating of “Hold” and an average target price of $19.60.

Sable Offshore Stock Performance

The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -2.87 and a beta of 0.40. The company has a fifty day simple moving average of $6.62 and a two-hundred day simple moving average of $17.37.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). As a group, analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were acquired at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the acquisition, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. The trade was a 9.88% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 36.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently bought and sold shares of the stock. CWM LLC raised its position in shares of Sable Offshore by 1,262.8% in the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after buying an additional 1,730 shares during the period. KBC Group NV purchased a new position in shares of Sable Offshore in the 2nd quarter worth about $46,000. NewEdge Advisors LLC lifted its stake in shares of 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 purchasing an additional 650 shares in the last quarter. MAI Capital Management purchased a new stake in shares of Sable Offshore during the 2nd quarter worth about $123,000. Finally, Whittier Trust Co. acquired a new stake in Sable Offshore during the 3rd quarter worth approximately $115,000. 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.