Sable Offshore Corp. (NYSE:SOC) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Shares carry a consensus "Hold" rating from seven analysts (2 sell, 5 buy) with an average 12‑month target price of $20.50.
• Major shareholder Global Icav Pilgrim purchased 982,645 shares at $15.04, raising its stake to 10,933,394 shares, and company insiders now own 36.36% of the stock.
• The stock is trading near its 52‑week low (opened at $4.82), and fundamentals are weak — last quarter EPS was ($1.10) (miss) and analysts forecast -6.39 EPS for the year.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have received a consensus recommendation of "Hold" from the seven research firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $20.50.

A number of brokerages recently commented on SOC. Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a research note on Thursday, October 30th. Roth Capital set a $26.00 price objective on Sable Offshore in a report on Monday. Finally, Benchmark cut their target price on shares of Sable Offshore from $47.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the company's stock in a transaction on Wednesday, October 15th. The stock was acquired at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the purchase, the insider directly owned 10,933,394 shares of the company's stock, valued at approximately $164,438,245.76. This represents a 9.88% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently made changes to their positions in the company. SVB Wealth LLC purchased a new position in shares of Sable Offshore during the 1st quarter worth about $29,000. CWM LLC lifted its stake in Sable Offshore by 1,262.8% in the second 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. KBC Group NV purchased a new position in shares of Sable Offshore during the second quarter valued at approximately $46,000. Quantbot Technologies LP bought a new position in shares of Sable Offshore during the first quarter valued at approximately $48,000. Finally, NewEdge Advisors LLC raised its holdings in shares of 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 buying an additional 650 shares during the period. Institutional investors own 26.19% of the company's stock.

Sable Offshore Stock Performance

SOC opened at $4.82 on Friday. The stock has a market capitalization of $479.64 million, a price-to-earnings ratio of -1.42 and a beta of 0.46. The company has a fifty day moving average of $18.03 and a 200 day moving average of $22.97. Sable Offshore has a fifty-two week low of $4.79 and a fifty-two week high of $35.00.

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

Sable Offshore Company Profile

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.

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