Sable Offshore (NYSE:SOC) Rating Increased to Sell at Wall Street Zen

Key Points

• Wall Street Zen upgraded Sable Offshore (NYSE:SOC) from a "strong sell" to a sell rating, reflecting a marginally less negative analyst view.
• The stock opened at $13.64 (down 4.3%), with a $2.01 billion market cap and an analyst consensus of Hold and a $18.00 consensus target price.
• Significant insider selling: the EVP and COO each sold 279,081 shares at $16.69, with insiders offloading 837,243 shares in the last 90 days while still owning 36.36% of the company.

Sable Offshore (NYSE:SOC - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research report issued on Saturday.

A number of other equities research analysts have also recently commented on SOC. Jefferies Financial Group reduced their price target on shares of Sable Offshore from $30.00 to $24.00 and set a "buy" rating for the company in a report on Wednesday. Benchmark restated a "hold" rating on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, January 27th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Sable Offshore presently has an average rating of "Hold" and a consensus target price of $18.00.

Sable Offshore Trading Down 4.3%

NYSE:SOC opened at $13.64 on Friday. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -3.25 and a beta of -0.10. The firm has a fifty day simple moving average of $13.57 and a two-hundred day simple moving average of $10.65. Sable Offshore has a 12 month low of $3.72 and a 12 month high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, topping analysts' consensus estimates of ($0.59) by $0.20. Equities analysts predict that Sable Offshore will post 1.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, EVP Gregory D. Patrinely sold 279,081 shares of the business's stock in a transaction on 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 owned 442,794 shares in the company, valued at approximately $7,390,231.86. The trade was a 38.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO James Caldwell Flores sold 279,081 shares of the business's stock in a transaction on 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 sale, the chief operating officer owned 442,794 shares of the company's stock, valued at $7,390,231.86. This trade represents a 38.66% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 837,243 shares of company stock worth $13,973,586. 36.36% of the stock is owned by corporate insiders.

Institutional Trading of Sable Offshore

Hedge funds and other institutional investors have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. bought a new stake in Sable Offshore during the 4th quarter valued at $37,000. Aster Capital Management DIFC Ltd increased its stake in Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock valued at $47,000 after purchasing an additional 3,790 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after acquiring an additional 650 shares in the last quarter. Williams Jones Wealth Management LLC. bought a new stake in shares of Sable Offshore in the 4th quarter worth $90,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Sable Offshore in the 4th quarter worth $97,000. Institutional investors own 26.19% of the company's stock.

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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