Sable Offshore (NYSE:SOC) Shares Down 5.7% - Here's What Happened

Key Points

• Sable Offshore shares fell 5.7% to $4.545 during Tuesday trading, with volume 75% below the average session volume. The stock’s 50-day and 200-day moving averages stood at $7.76 and $10.97, respectively.
• Analyst sentiment remains mixed, with three Buy ratings, one Hold, and two Sell ratings; the consensus rating is Hold with a $15.33 target price.
• The company reported a quarterly loss of $1.37 per share, missing the expected $0.52 loss, while revenue of $1.27 million fell far short of the $16.10 million consensus estimate.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) traded down 5.7% during trading on Tuesday . The company traded as low as $4.47 and last traded at $4.5450. 1,854,468 shares were traded during mid-day trading, a decline of 75% from the average session volume of 7,447,846 shares. The stock had previously closed at $4.82.

Analyst Ratings Changes

Several research firms have recently issued reports on SOC. Benchmark restated a "hold" rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Roth Capital cut their target price on shares of Sable Offshore from $22.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, July 1st. Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Zacks Research lowered shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group lowered their price objective on shares of Sable Offshore from $24.00 to $11.00 and set a "buy" rating for the company in a research report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Sable Offshore presently has an average rating of "Hold" and a consensus target price of $15.33.

Sable Offshore Stock Down 7.2%

The firm has a market capitalization of $690.76 million, a price-to-earnings ratio of -1.05 and a beta of -0.15. The business's fifty day moving average is $7.76 and its 200 day moving average is $10.97.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million for the quarter, compared to analysts' expectations of $16.10 million. Equities research analysts expect that Sable Offshore Corp. will post -0.36 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Alyeska Investment Group L.P. boosted its position in Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company's stock worth $100,048,000 after acquiring an additional 10,400,275 shares during the last quarter. Capital International Investors lifted its position in shares of Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company's stock worth $104,564,000 after purchasing an additional 9,788,351 shares in the last quarter. FourWorld Capital Management LLC bought a new stake in shares of Sable Offshore in the fourth quarter worth $73,113,000. Encompass Capital Advisors LLC boosted its holdings in Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock worth $121,673,000 after purchasing an additional 5,091,925 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company's stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Company Profile

Sable Offshore NYSE: SOC is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.

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