Sable Offshore (NYSE:SOC) Stock Price Up 5.9% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) traded up 5.9% during mid-day trading on Monday . The stock traded as high as $4.23 and last traded at $4.15. 1,581,570 shares were traded during trading, a decline of 78% from the average daily volume of 7,353,619 shares. The stock had previously closed at $3.92.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Jefferies Financial Group cut their target price on Sable Offshore from $24.00 to $11.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Finally, Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Three investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $15.33.

Sable Offshore Price Performance

The firm has a market capitalization of $676.87 million, a price-to-earnings ratio of -1.03 and a beta of -0.08. The business’s 50-day moving average price is $10.47 and its 200 day moving average price is $11.48.

Sable Offshore (NYSE:SOC) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $16.10 million. As a group, sell-side analysts expect that Sable Offshore Corp. will post -0.27 earnings per share for the current year.

Insider Activity

In other Sable Offshore news, insider Anthony Duenner sold 39,312 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the sale, the insider owned 590,864 shares in the company, valued at $8,012,115.84. This trade represents a 6.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of Sable Offshore stock in a transaction that occurred 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 chief operating officer owned 562,740 shares in the company, valued at $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. Insiders sold 240,163 shares of company stock worth $3,228,498 over the last ninety days. Corporate insiders own 20.00% of the company’s stock.

Institutional Trading of Sable Offshore

A number of hedge funds have recently made changes to their positions in SOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after acquiring an additional 1,271 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after acquiring an additional 650 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Sable Offshore by 29.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock worth $715,000 after purchasing an additional 7,438 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Sable Offshore by 25.3% in the 2nd quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock worth $490,000 after purchasing an additional 4,500 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Sable Offshore in the 2nd quarter valued at about $654,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.