Sable Offshore (NYSE:SOC) Stock Price Down 4.8% – Time to Sell?

Shares of Sable Offshore Corp. (NYSE:SOC) traded down 4.8% on Tuesday . The company traded as low as $17.26 and last traded at $16.9850. 271,519 shares were traded during trading, a decline of 96% from the average session volume of 7,116,837 shares. The stock had previously closed at $17.84.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Jefferies Financial Group increased their price target on shares of Sable Offshore from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Finally, Roth Mkm reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Three research 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’s stock. According to data from MarketBeat.com, Sable Offshore presently has a consensus rating of “Hold” and a consensus target price of $19.50.

Sable Offshore Trading Down 7.4%

The company’s 50-day moving average is $11.79 and its 200 day moving average is $11.47. The stock has a market capitalization of $2.43 billion, a PE ratio of -3.93 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last released its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.20. Sell-side analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOC. Cooper Creek Partners Management LLC acquired a new position in shares of Sable Offshore in the second quarter valued at about $24,465,000. Two Seas Capital LP acquired a new position in Sable Offshore in the 2nd quarter worth approximately $9,708,000. Capital Fund Management S.A. raised its position in Sable Offshore by 172.6% during the 2nd quarter. Capital Fund Management S.A. now owns 329,083 shares of the company’s stock worth $7,233,000 after buying an additional 208,359 shares during the last quarter. HUB Investment Partners LLC acquired a new stake in Sable Offshore during the 3rd quarter valued at approximately $1,659,000. Finally, Union Square Park Capital Management LLC purchased a new stake in shares of Sable Offshore in the 3rd quarter valued at $2,383,000. 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.