Sable Offshore (NYSE:SOC) Trading Down 6.2% - What's Next?

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares fell 6.2% on Wednesday . The stock traded as low as $21.64 and last traded at $21.89. 1,516,544 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 1,543,242 shares. The stock had previously closed at $23.34.

Analyst Ratings Changes

Several brokerages have weighed in on SOC. Benchmark boosted their price target on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the company a "buy" rating in a research note on Friday, May 23rd. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. BWS Financial reissued 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 Mkm assumed coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They set a "buy" rating and a $30.00 price objective for the company. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $30.33.

Sable Offshore Price Performance

The business's 50-day moving average is $24.83 and its two-hundred day moving average is $24.21. The company has a current ratio of 1.67, a quick ratio of 1.57 and a debt-to-equity ratio of 3.04.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its 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 firm had revenue of $78.00 million during the quarter, compared to analyst estimates of $21.00 million. As a group, sell-side analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the sale, the insider directly owned 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 36.36% of the company's stock.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently bought and sold shares of SOC. SVB Wealth LLC acquired a new position in Sable Offshore in the first quarter valued at approximately $29,000. Quantbot Technologies LP acquired a new position in Sable Offshore in the first quarter valued at approximately $48,000. Summit Securities Group LLC acquired a new position in Sable Offshore in the fourth quarter valued at approximately $53,000. NewEdge Advisors LLC boosted its stake in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after acquiring an additional 650 shares during the period. Finally, US Bancorp DE boosted its stake in 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 acquiring an additional 1,258 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.