Sable Offshore (NYSE:SOC) Stock Price Up 7.4% – Still a Buy?

Shares of Sable Offshore Corp. (NYSE:SOC) shot up 7.4% on Thursday . The company traded as high as $4.70 and last traded at $4.7050. 4,230,372 shares traded hands during trading, a decline of 43% from the average daily volume of 7,425,439 shares. The stock had previously closed at $4.38.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SOC. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Wall Street Zen lowered Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. 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 report on Monday, July 6th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Sable Offshore presently has an average rating of “Hold” and a consensus price target of $15.33.

Sable Offshore Stock Performance

The firm has a market cap of $701.57 million, a price-to-earnings ratio of -1.07 and a beta of -0.08. The business has a 50 day simple moving average of $9.39 and a 200-day simple moving average of $11.28.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) EPS 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 analysts’ expectations of $16.10 million. As a group, research analysts anticipate that Sable Offshore Corp. will post -0.36 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the company’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the sale, the executive vice president owned 562,740 shares in the company, valued at $7,630,754.40. This represents a 6.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 the firm’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the transaction, the chief operating officer directly owned 562,740 shares in the company, valued at $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 240,163 shares of company stock worth $3,228,498. 20.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Hedge funds have recently modified their holdings of the company. Tactive Advisors LLC grew its holdings in shares of Sable Offshore by 94.1% in the second quarter. Tactive Advisors LLC now owns 87,849 shares of the company’s stock valued at $271,000 after acquiring an additional 42,579 shares in the last quarter. Bank of America Corp DE grew its position in shares of Sable Offshore by 224.7% during the 1st quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock valued at $21,395,000 after acquiring an additional 896,258 shares during the period. Janus Henderson Group PLC lifted its stake in Sable Offshore by 135.1% in the first quarter. Janus Henderson Group PLC now owns 56,200 shares of the company’s stock valued at $927,000 after purchasing an additional 32,300 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in Sable Offshore by 7.5% during the first quarter. Sunbelt Securities Inc. now owns 72,000 shares of the company’s stock valued at $1,189,000 after purchasing an additional 5,000 shares during the period. Finally, Royal Bank of Canada increased its position in Sable Offshore by 22.3% in the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after buying an additional 895 shares during the last quarter. 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.