Sable Offshore (NYSE:SOC) Price Target Cut to $24.00 by Analysts at Jefferies Financial Group

Key Points

• Jefferies cut its price target to $24 (from $30) but kept a "buy" rating, implying roughly a 64% upside versus the recent share price.
• The analyst consensus is more cautious — the stock has an average rating of "Hold" with a consensus target of $18, and analysts are split (3 Buy, 1 Hold, 2 Sell).
• Insiders sold about 837,243 shares (~$14.0M) in the last three months, though insiders still own 36.36% of the company, and several large institutions materially increased their stakes.

Sable Offshore (NYSE:SOC - Get Free Report) had its target price reduced by stock analysts at Jefferies Financial Group from $30.00 to $24.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Jefferies Financial Group's price objective suggests a potential upside of 64.07% from the company's previous close.

A number of other analysts also recently weighed in on SOC. Roth Mkm restated a "buy" rating on shares of Sable Offshore in a report on Wednesday, December 24th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Finally, Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a research note on Thursday, March 5th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $18.00.

Sable Offshore Price Performance

Shares of Sable Offshore stock traded up $0.55 during trading hours on Wednesday, reaching $14.63. The company's stock had a trading volume of 2,461,171 shares, compared to its average volume of 6,626,689. The firm has a 50 day moving average price of $13.23 and a 200-day moving average price of $10.63. Sable Offshore has a one year low of $3.72 and a one year high of $35.00. The stock has a market cap of $2.15 billion, a P/E ratio of -3.48 and a beta of -0.10.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping analysts' consensus estimates of ($0.59) by $0.20. As a group, sell-side analysts forecast that Sable Offshore will post 1.8 EPS for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, insider Anthony Duenner sold 279,081 shares of the business's stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the sale, the insider directly owned 470,919 shares of the company's stock, valued at $7,859,638.11. The trade was a 37.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Gregory D. Patrinely sold 279,081 shares of the business's stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the executive vice president directly owned 442,794 shares of the company's stock, valued at approximately $7,390,231.86. This trade represents a 38.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 837,243 shares of company stock valued at $13,973,586 in the last three months. Company insiders own 36.36% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC boosted its position in Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock valued at $121,673,000 after buying an additional 5,091,925 shares during the period. Capital International Investors boosted its position in Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company's stock valued at $104,564,000 after buying an additional 9,788,351 shares during the period. Alyeska Investment Group L.P. boosted its position in Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company's stock valued at $100,048,000 after buying an additional 10,400,275 shares during the period. FourWorld Capital Management LLC purchased a new stake in shares of Sable Offshore in the 4th quarter worth approximately $73,113,000. Finally, Vanguard Group Inc. lifted its position in shares of Sable Offshore by 64.9% in the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company's stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the period. 26.19% of the stock is owned by hedge funds and other institutional investors.

About Sable Offshore

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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