Sable Offshore (NYSE:SOC) Shares Down 2.6% - Time to Sell?

Key Points

• Sable Offshore Corp. (NYSE:SOC) shares fell by 2.6% to $23.95, with trading volume down 93% compared to its average.
• Wall Street analysts remain optimistic, with six giving a "buy" rating and a consensus target price of $30.00, despite the company posting a larger-than-expected loss in earnings.
• Recent insider trading saw a major shareholder sell over 167,000 shares, reducing their stake in the company, which is now held 36.36% by insiders.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) dropped 2.6% during mid-day trading on Thursday . The stock traded as low as $23.57 and last traded at $23.95. Approximately 160,182 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 2,286,069 shares. The stock had previously closed at $24.59.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SOC. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, Benchmark increased their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Sable Offshore Stock Performance

The business's 50-day simple moving average is $26.78 and its 200 day simple moving average is $24.86.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.44). On average, equities research analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 9,933,394 shares in the company, valued at $218,336,000.12. This represents a 1.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 36.36% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently modified their holdings of SOC. SVB Wealth LLC purchased a new position in Sable Offshore during the 1st quarter worth approximately $29,000. CWM LLC raised its stake in shares of Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company's stock worth $41,000 after buying an additional 1,730 shares during the period. KBC Group NV acquired a new position in shares of Sable Offshore during the 2nd quarter worth approximately $46,000. Quantbot Technologies LP acquired a new position in shares of Sable Offshore during the 1st quarter worth approximately $48,000. Finally, 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 period. Hedge funds and other institutional investors own 26.19% of the company's stock.

About Sable Offshore

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.