Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) reached a new 52-week low on Wednesday . The company traded as low as $13.70 and last traded at $14.64, with a volume of 1584787 shares trading hands. The stock had previously closed at $17.69.
Analyst Ratings Changes
Several research analysts have recently weighed in on SOC shares. Weiss Ratings restated a "sell (d)" rating on shares of Sable Offshore in a research note on Wednesday, October 8th. Roth Capital reaffirmed a "buy" rating and set a $28.00 price target on shares of Sable Offshore in a report on Wednesday. Six analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $28.20.
Check Out Our Latest Report on Sable Offshore
Sable Offshore Trading Down 18.9%
The company has a 50-day moving average of $23.93 and a two-hundred day moving average of $24.04.
Sable Offshore (NYSE:SOC - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.44). As a group, equities analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.
Insider Activity at Sable Offshore
In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $21.98, for a total value of $3,674,506.50. Following the sale, the insider directly owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 36.36% of the stock is owned by insiders.
Institutional Investors Weigh In On Sable Offshore
Several large investors have recently made changes to their positions in the company. SVB Wealth LLC bought a new stake in Sable Offshore during the first quarter worth approximately $29,000. CWM LLC increased its stake in Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company's stock worth $41,000 after acquiring an additional 1,730 shares during the last quarter. KBC Group NV bought a new stake in Sable Offshore during the second quarter worth approximately $46,000. Quantbot Technologies LP bought a new stake in Sable Offshore during the first quarter worth approximately $48,000. Finally, NewEdge Advisors LLC increased 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 worth $62,000 after acquiring an additional 650 shares during the last quarter. 26.19% of the stock is owned by institutional investors.
About Sable Offshore
(
Get Free Report)
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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