Sable Offshore (NYSE:SOC) Shares Down 7.1% - Should You Sell?

Key Points

• Sable Offshore shares fell 7.1% to $4.32, well below the 50-day and 200-day moving averages of $6.67 and $10.68, respectively.
• Analyst sentiment is mixed, with three Buy, one Hold and two Sell ratings; the consensus rating is Hold, with an average price target of $13.33.
• The company missed quarterly expectations, reporting a $0.42 loss per share versus an anticipated $0.37 profit and revenue of $137.13 million versus the $237.65 million consensus estimate.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) dropped 7.1% during trading on Wednesday . The company traded as low as $4.29 and last traded at $4.32. Approximately 2,200,395 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 7,421,516 shares. The stock had previously closed at $4.65.

Wall Street Analyst Weigh In

SOC has been the topic of a number of recent research reports. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, July 21st. Wall Street Zen lowered shares of Sable Offshore from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a research note on Wednesday. Finally, Roth Capital reissued a "buy" rating and issued a $11.00 price target on shares of Sable Offshore in a research report on Tuesday. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $13.33.

Sable Offshore Stock Down 6.7%

The company's fifty day moving average price is $6.67 and its two-hundred day moving average price is $10.68. The company has a market cap of $669.92 million, a price-to-earnings ratio of -1.32 and a beta of -0.15.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.79). The business had revenue of $137.13 million during the quarter, compared to the consensus estimate of $237.65 million. Research analysts forecast that Sable Offshore Corp. will post -0.36 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

Several large investors have recently made changes to their positions in SOC. Encompass Capital Advisors LLC boosted its stake in shares of Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock valued at $121,673,000 after purchasing an additional 5,091,925 shares during the last quarter. Capital International Investors raised its stake in shares of Sable Offshore by 542.6% during the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company's stock worth $104,564,000 after buying an additional 9,788,351 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in Sable Offshore by 1,504.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company's stock valued at $100,048,000 after buying an additional 10,400,275 shares during the period. FourWorld Capital Management LLC acquired a new position in Sable Offshore in the fourth quarter valued at approximately $73,113,000. Finally, Vanguard Group Inc. boosted its stake in Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company's stock valued at $68,170,000 after acquiring an additional 2,975,712 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

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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