Sable Offshore (NYSE:SOC) Stock Price Down 11% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares were down 11% during mid-day trading on Monday . The company traded as low as $12.50 and last traded at $13.0440. Approximately 4,007,469 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 5,647,787 shares. The stock had previously closed at $14.65.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SOC shares. Roth Mkm set a $22.00 price target on Sable Offshore in a report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Wall Street Zen upgraded Sable Offshore from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Jefferies Financial Group reduced their price objective on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Finally, Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $22.00.

Sable Offshore Price Performance

The stock has a 50 day simple moving average of $14.48 and a two-hundred day simple moving average of $10.90. The company has a market cap of $2.10 billion, a PE ratio of -3.18 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million during the quarter, compared to the consensus estimate of $16.10 million. As a group, equities analysts anticipate that Sable Offshore Corp. will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In related news, COO James Caldwell Flores sold 39,311 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the sale, the chief operating officer directly owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This trade represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 39,311 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the sale, the executive vice president directly owned 562,740 shares of the company’s stock, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 1,077,406 shares of company stock worth $17,202,083. 36.36% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds have recently modified their holdings of SOC. Fifth Third Bancorp acquired a new stake in shares of Sable Offshore during the first quarter worth $29,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Sable Offshore during the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd lifted its holdings in shares of Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares during the period. KBC Group NV lifted its holdings in shares of Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the period. 26.19% of the stock is owned by institutional investors and hedge funds.

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.