Sable Offshore (NYSE:SOC) Shares Down 6.9% - What's Next?

Key Points

• Shares fell 6.9% to $9.41 on Wednesday with just 1.43M shares traded—about 86% below average; the company has a ~$1.40B market cap, a negative P/E (-2.99) and 50-/200-day moving averages of $6.79 and $17.49 respectively.
• Sable Offshore missed quarterly EPS expectations (reported -$1.11 vs. -$0.90 est.), and analysts forecast a -6.39 EPS for the current year.
• Analyst coverage is mixed (five Buys, two Sells) yielding an average "Hold" and a consensus price target of $19.60; meanwhile major shareholder Global Icav Pilgrim recently bought 982,645 shares and insiders own 36.36% of the stock.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) fell 6.9% during trading on Wednesday . The stock traded as low as $9.45 and last traded at $9.41. 1,425,083 shares were traded during trading, a decline of 86% from the average session volume of 9,874,661 shares. The stock had previously closed at $10.11.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday, December 29th. Cowen reissued a "buy" rating on shares of Sable Offshore in a research note on Thursday, December 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a research note on Thursday, October 30th. Roth Capital reissued a "buy" rating on shares of Sable Offshore in a report on Wednesday, December 24th. Finally, Benchmark reaffirmed a "buy" rating and set a $20.00 price target on shares of Sable Offshore in a research note on Friday, January 2nd. Five equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $19.60.

Sable Offshore Stock Down 4.3%

The firm has a market cap of $1.40 billion, a price-to-earnings ratio of -2.99 and a beta of 0.40. The firm has a 50 day moving average of $6.79 and a 200 day moving average of $17.49.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Equities analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the firm's stock in a transaction dated Wednesday, October 15th. The stock was purchased at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the acquisition, the insider directly owned 10,933,394 shares in the company, valued at $164,438,245.76. The trade was a 9.88% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 36.36% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently made changes to their positions in SOC. Encompass Capital Advisors LLC boosted its holdings in Sable Offshore by 83.8% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company's stock worth $108,845,000 after acquiring an additional 2,257,069 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Sable Offshore by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company's stock valued at $80,001,000 after purchasing an additional 108,504 shares during the last quarter. State Street Corp grew its position in Sable Offshore by 16.1% during the second quarter. State Street Corp now owns 3,035,292 shares of the company's stock valued at $66,716,000 after buying an additional 420,433 shares during the period. Capital International Investors purchased a new stake in Sable Offshore during the third quarter worth about $31,499,000. Finally, Geode Capital Management LLC increased its holdings in Sable Offshore by 29.3% during the second quarter. Geode Capital Management LLC now owns 1,624,893 shares of the company's stock worth $35,721,000 after buying an additional 368,059 shares during the last quarter. 26.19% of the stock is owned by institutional investors.

About Sable Offshore

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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