Sable Offshore (NYSE:SOC) Shares Gap Down - Time to Sell?

Key Points

• Sable Offshore shares fell 2.8%, opening at $4.70 versus a prior close of $4.87, and recently traded near $4.74. The stock remains well below its 50-day and 200-day moving averages of $5.29 and $10.34, respectively.
• Analyst sentiment is mixed but leans cautious: the consensus rating is Hold with a $13.33 price target, while Wall Street Zen and Zacks Research recently downgraded the stock to “strong sell.”
• The company reported a significant quarterly miss, posting a loss of $0.42 per share versus expectations for $0.37 in earnings and revenue of $137.13 million versus $237.65 million expected. Analysts forecast a full-year loss of $2.18 per share.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $4.87, but opened at $4.70. Sable Offshore shares last traded at $4.7350, with a volume of 411,977 shares.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Sable Offshore from a "sell" rating to a "strong sell" rating in a research report on Saturday. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a report on Wednesday, July 8th. Jefferies Financial Group set a $9.00 price objective on shares of Sable Offshore in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, July 21st. Finally, Zacks Research lowered Sable Offshore from a "hold" rating to a "strong sell" rating in a research note on Wednesday, June 3rd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $13.33.

Sable Offshore Stock Down 2.8%

The business's 50 day simple moving average is $5.29 and its 200 day simple moving average is $10.34. 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 has a market capitalization of $908.50 million, a PE ratio of -1.44 and a beta of -0.15.

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

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp bought a new position in shares of Sable Offshore during the 1st quarter valued at approximately $29,000. NewEdge Advisors LLC raised 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 valued at $62,000 after buying an additional 650 shares during the period. KBC Group NV lifted its position in Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company's stock worth $52,000 after buying an additional 1,026 shares during the last quarter. Royal Bank of Canada lifted 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. Finally, Aster Capital Management DIFC Ltd boosted its stake in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock worth $47,000 after buying an additional 3,790 shares during the period. 26.19% of the stock is owned by 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.

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