Sable Offshore Corp. (NYSE:SOC) Given Average Rating of "Hold" by Analysts

Key Points

• Sable Offshore has a consensus analyst rating of “Hold” from six covering analysts, with an average 1-year price target of $15.33.
• Recent analyst action has been mixed but mostly negative, including downgrades from Zacks Research and Wall Street Zen, while Jefferies cut its price target from $24 to $11 despite keeping a buy rating.
• The company reported weak quarterly results, posting an EPS loss of ($1.37) versus expectations of ($0.52) and revenue of $1.27 million versus the expected $16.10 million.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) has been given a consensus rating of "Hold" by the six analysts that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $15.3333.

Several equities analysts have recently weighed in on SOC shares. Zacks Research downgraded shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a research note on Wednesday, June 3rd. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research note on Friday, April 24th. Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a report on Wednesday, July 8th. Wall Street Zen downgraded Sable Offshore from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Finally, Jefferies Financial Group cut their price target on Sable Offshore from $24.00 to $11.00 and set a "buy" rating for the company in a report on Monday, July 6th.

Insider Buying and Selling

In related news, COO James Caldwell Flores sold 39,311 shares of the stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the chief operating officer owned 562,740 shares of the company's stock, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the firm's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,070.72. Following the completion of the transaction, the insider owned 590,864 shares of the company's stock, valued at approximately $8,012,115.84. This represents a 6.24% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 240,163 shares of company stock valued at $3,228,498. Corporate insiders own 20.00% of the company's stock.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds have recently bought and sold shares of SOC. Fifth Third Bancorp bought a new position in Sable Offshore in the 1st quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore in the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd raised its position 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 worth $47,000 after buying an additional 3,790 shares in the last quarter. KBC Group NV boosted its stake in Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company's stock valued at $52,000 after buying an additional 1,026 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in Sable Offshore by 36.2% during the first 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. Hedge funds and other institutional investors own 26.19% of the company's stock.

Sable Offshore Stock Performance

SOC stock opened at $4.38 on Wednesday. The stock has a fifty day moving average of $10.47 and a 200-day moving average of $11.48. Sable Offshore has a fifty-two week low of $2.88 and a fifty-two week high of $32.18. The company has a market capitalization of $676.87 million, a price-to-earnings ratio of -1.03 and a beta of -0.08.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. Equities analysts predict that Sable Offshore will post -0.27 EPS for the current year.

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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