Sable Offshore (NYSE:SOC) Stock Price Down 13.9% - What's Next?

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) traded down 13.9% 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 Ratings Changes

A number of equities research analysts have recently commented on SOC shares. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the company a "buy" rating in a research report on Friday, May 23rd. Benchmark raised their price objective on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Roth Mkm initiated coverage on shares of Sable Offshore in a report on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price for the company. Finally, BWS Financial reiterated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

Sable Offshore Price Performance

The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The company has a fifty day moving average of $23.33 and a 200 day moving average of $24.09.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The firm had revenue of $78.00 million for the quarter, compared to analyst estimates of $21.00 million. Equities research analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the sale, the insider now directly owns 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 36.36% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently bought and sold shares of the business. SVB Wealth LLC bought a new position in shares of Sable Offshore in the first quarter worth about $29,000. Quantbot Technologies LP purchased a new position in shares of Sable Offshore during the first quarter valued at about $48,000. Summit Securities Group LLC bought a new stake in shares of Sable Offshore in the fourth quarter worth about $53,000. NewEdge Advisors LLC increased 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 purchasing an additional 650 shares during the last quarter. Finally, IFP Advisors Inc purchased a new stake in shares of Sable Offshore in the fourth quarter worth about $81,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

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.