Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) fell 13.9% during mid-day trading on Tuesday . The company traded as low as $25.07 and last traded at $25.11. 2,641,065 shares traded hands during trading, an increase of 93% from the average session volume of 1,365,848 shares. The stock had previously closed at $29.18.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on the company. Benchmark boosted their target price on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Roth Mkm initiated coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price for the company. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. BWS Financial reaffirmed a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a research note on Tuesday, May 13th. Finally, Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. Based on data from MarketBeat, Sable Offshore currently has an average rating of "Moderate Buy" and an average target price of $30.33.
Check Out Our Latest Stock Analysis on Sable Offshore
Sable Offshore Stock Performance
The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The stock's 50 day simple moving average is $23.35 and its 200 day simple moving average is $24.07.
Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million for the quarter, compared to analyst estimates of $21.00 million. On average, equities analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.
Insider Transactions at Sable Offshore
In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the sale, the insider now owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. This represents a 1.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 36.36% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of SOC. SVB Wealth LLC purchased a new stake in Sable Offshore in the first quarter valued at $29,000. Quantbot Technologies LP purchased a new stake in shares of Sable Offshore in the first quarter valued at about $48,000. Summit Securities Group LLC purchased a new stake in Sable Offshore during the fourth quarter worth about $53,000. NewEdge Advisors LLC raised its stake in shares of 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 buying an additional 650 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Sable Offshore by 62.2% in the first quarter. US Bancorp DE now owns 3,281 shares of the company's stock valued at $83,000 after purchasing an additional 1,258 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.
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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