Sable Offshore Corp. (NYSE:SOC) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Sable Offshore Corp. (NYSE:SOC) received a consensus recommendation of "Moderate Buy" from eight brokerages, with two analysts rating it a sell and six issuing buy recommendations.
• The company's major shareholder, Global Icav Pilgrim, sold 167,175 shares at an average price of $21.98, representing a 1.66% decrease in their ownership stake.
• Sable Offshore reported a quarterly earnings miss with an EPS of ($1.10), falling short of analysts' estimates of ($0.66), and is projected to have an average EPS of ($6.39) for the current fiscal year.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eight brokerages that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $30.00.

Separately, Weiss Ratings reiterated a "sell (d)" rating on shares of Sable Offshore in a report on Wednesday, October 8th.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the transaction, the insider owned 9,933,394 shares in the company, valued at $218,336,000.12. This trade represents a 1.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 36.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. SVB Wealth LLC bought a new position in Sable Offshore during the 1st quarter worth approximately $29,000. CWM LLC raised its holdings in Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company's stock worth $41,000 after purchasing an additional 1,730 shares during the last quarter. Quantbot Technologies LP bought a new position in Sable Offshore during the 1st quarter worth approximately $48,000. KBC Group NV bought a new position in Sable Offshore during the 2nd quarter worth approximately $46,000. Finally, 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 worth $62,000 after purchasing an additional 650 shares during the last quarter. Institutional investors own 26.19% of the company's stock.

Sable Offshore Price Performance

SOC stock opened at $18.40 on Monday. Sable Offshore has a 12 month low of $16.26 and a 12 month high of $35.00. The firm has a 50-day moving average price of $24.41 and a 200-day moving average price of $24.13.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). On average, analysts anticipate that Sable Offshore will post -6.39 earnings per share for the current fiscal year.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.