Sable Offshore (NYSE:SOC) Shares Gap Down – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $5.29, but opened at $5.05. Sable Offshore shares last traded at $5.0440, with a volume of 3,132,081 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SOC shares. Roth Capital dropped their target price on Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Wall Street Zen cut shares of Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Finally, Zacks Research lowered 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 assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.33.

Sable Offshore Price Performance

The stock’s 50 day moving average is $7.95 and its two-hundred day moving average is $11.00. The firm has a market capitalization of $758.68 million, a P/E ratio of -1.15 and a beta of -0.15.

Sable Offshore (NYSE:SOC) last issued its earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million. As a group, equities research analysts expect that Sable Offshore Corp. will post -0.36 EPS for the current year.

Hedge Funds Weigh In On Sable Offshore

Hedge funds have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. raised its position in shares of Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after acquiring an additional 10,400,275 shares during the period. Capital International Investors raised its holdings in Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after purchasing an additional 9,788,351 shares during the period. FourWorld Capital Management LLC bought a new position in shares of Sable Offshore during the fourth quarter worth $73,113,000. Encompass Capital Advisors LLC grew its holdings in shares of Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after buying an additional 5,091,925 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Sable Offshore by 64.9% in the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after buying an additional 2,975,712 shares in the last quarter. Institutional investors and hedge funds 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.