Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price dropped 6.2% during trading on Wednesday . The stock traded as low as $21.64 and last traded at $21.89. Approximately 1,516,544 shares were traded during mid-day trading, a decline of 2% from the average daily volume of 1,543,242 shares. The stock had previously closed at $23.34.
Wall Street Analysts Forecast Growth
SOC has been the subject of several analyst reports. Roth Capital set a $37.00 price objective on Sable Offshore and gave the stock 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. Benchmark increased their price objective on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Roth Mkm initiated coverage on Sable Offshore in a research note on Thursday, March 27th. They issued a "buy" rating and a $30.00 price objective for the company. Finally, BWS Financial reissued a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.33.
Check Out Our Latest Stock Report on SOC
Sable Offshore Price Performance
The company has a quick ratio of 1.57, a current ratio of 1.67 and a debt-to-equity ratio of 3.04. The firm has a fifty day moving average price of $24.83 and a 200-day moving average price of $24.21.
Sable Offshore (NYSE:SOC - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The firm had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. Analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction on 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 completion of the transaction, the insider directly owned 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 36.36% of the company's stock.
Hedge Funds Weigh In On Sable Offshore
Institutional investors and hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank bought a new position in Sable Offshore during the fourth quarter valued at $344,000. FNY Investment Advisers LLC grew its holdings in Sable Offshore by 1,190.1% during the first quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock valued at $382,000 after purchasing an additional 13,924 shares during the period. Emerald Advisers LLC bought a new position in Sable Offshore during the fourth quarter valued at $6,700,000. Raymond James Financial Inc. bought a new position in Sable Offshore during the fourth quarter valued at $1,177,000. Finally, Encompass Capital Advisors LLC grew its holdings in Sable Offshore by 128.9% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock valued at $32,060,000 after purchasing an additional 788,495 shares during the period. 26.19% of the stock is owned by institutional investors.
Sable Offshore Company Profile
(
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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.
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