Sable Offshore (NYSE:SOC) Stock Price Down 3.8% - Time to Sell?

Key Points

• Sable Offshore Corp. shares dropped by 3.8%, trading at $23.56, significantly below previous close of $24.49, with an 83% decrease in trading volume compared to average levels.
• Analysts maintain a Moderate Buy rating for Sable Offshore, with a target price of $30.00, despite the company missing earnings expectations.
• Insiders own 36.36% of the company's stock, and major shareholder Global Icav Pilgrim recently sold over 167,000 shares, reducing their ownership stake by 1.66%.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price traded down 3.8% during mid-day trading on Thursday . The company traded as low as $23.28 and last traded at $23.56. 399,891 shares were traded during trading, a decline of 83% from the average session volume of 2,352,663 shares. The stock had previously closed at $24.49.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SOC shares. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $30.00.

Sable Offshore Trading Down 2.0%

The firm has a fifty day moving average price of $26.86 and a 200 day moving average price of $24.65.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings data 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). As a group, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were 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 owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 36.36% of the company's stock.

Institutional Trading of Sable Offshore

Hedge funds have recently modified their holdings of the business. SVB Wealth LLC purchased a new position in shares of Sable Offshore during the first quarter valued at $29,000. CWM LLC boosted its position in 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 acquiring an additional 1,730 shares during the period. KBC Group NV purchased a new position in Sable Offshore during the 2nd quarter valued at about $46,000. Quantbot Technologies LP purchased a new position in Sable Offshore during the 1st quarter valued at about $48,000. Finally, NewEdge Advisors LLC increased its holdings 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 valued at $62,000 after purchasing 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.