Sable Offshore (NYSE:SOC) Stock Price Down 7.1% – Should You Sell?

Shares of Sable Offshore Corp. (NYSE:SOC) traded down 7.1% on Wednesday . The company traded as low as $4.29 and last traded at $4.32. 2,200,395 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 7,421,516 shares. The stock had previously closed at $4.65.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SOC shares. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Roth Capital restated a “buy” rating and set a $11.00 target price on shares of Sable Offshore in a report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Wall Street Zen downgraded shares of Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Jefferies Financial Group set a $9.00 price objective on shares of Sable Offshore in a research note on Wednesday. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.33.

Sable Offshore Trading Down 6.7%

The company has a 50 day moving average of $6.67 and a 200 day moving average of $10.68. The firm has a market cap of $669.92 million, a price-to-earnings ratio of -1.32 and a beta of -0.15.

Sable Offshore (NYSE:SOC) last posted its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The business had revenue of $137.13 million during the quarter, compared to analysts’ expectations of $237.65 million. Equities analysts forecast that Sable Offshore Corp. will post -0.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SOC. Fifth Third Bancorp acquired a new position in shares of Sable Offshore in the first quarter valued at approximately $29,000. Whittier Trust Co. of Nevada Inc. bought a new stake in Sable Offshore in the 4th quarter valued at $37,000. Aster Capital Management DIFC Ltd lifted its position in Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after acquiring an additional 3,790 shares in the last quarter. KBC Group NV boosted its stake in Sable Offshore by 48.7% in the 1st 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 boosted its stake in Sable Offshore by 36.2% in the 1st 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. 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.