Sable Offshore (NYSE:SOC) Shares Gap Down - Here's What Happened

Key Points

• Sable Offshore shares fell 3.1% at the open, dropping from a prior close of $4.77 to $4.62 before last trading near $4.64.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $13.33, despite recent downgrades to “sell” and “strong sell.”
• The company reported a quarterly loss of $0.42 per share and revenue of $137.13 million, significantly missing estimates of $0.37 EPS and $237.65 million in revenue.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $4.77, but opened at $4.62. Sable Offshore shares last traded at $4.6350, with a volume of 277,780 shares traded.

Analyst Ratings Changes

SOC has been the subject of several analyst reports. Wall Street Zen raised shares of Sable Offshore from a "strong sell" rating to a "sell" rating in a research note on Sunday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Zacks Research downgraded Sable Offshore from a "hold" rating to a "strong sell" rating in a report on Wednesday, June 3rd. Roth Capital reissued a "buy" rating and set a $11.00 price target on shares of Sable Offshore in a research note on Tuesday, August 11th. Finally, Jefferies Financial Group set a $9.00 price objective on Sable Offshore in a research report on Wednesday, August 12th. Three 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $13.33.

Sable Offshore Stock Performance

The company has a market capitalization of $877.81 million, a PE ratio of -1.39 and a beta of -0.15. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85. The firm's 50-day simple moving average is $4.68 and its 200-day simple moving average is $10.19.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.79). The firm had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. On average, research analysts predict that Sable Offshore Corp. will post -2.18 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp bought a new position in shares of Sable Offshore during the 1st quarter worth $29,000. Briaud Financial Planning Inc purchased a new position in shares of Sable Offshore during the second quarter valued at $37,000. Aster Capital Management DIFC Ltd raised its holdings in shares of Sable Offshore by 263.2% in the fourth 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 raised its holdings in shares of Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company's stock valued at $52,000 after acquiring an additional 1,026 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after acquiring an additional 650 shares during the period. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source