Sable Offshore (NYSE:SOC) Shares Gap Down - Here's Why

Key Points

• Sable Offshore's share price dropped significantly, opening at $12.73 after closing at $14.02, with a trading volume of over 1.26 million shares.
• Despite the stock's recent performance, Roth Capital has maintained a "buy" rating with a price target of $28.00, while Weiss Ratings issued a "sell (d)" rating.
• Major shareholder Global Icav Pilgrim increased their stake by acquiring nearly 983,000 shares at an average price of $15.04 per share.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $14.02, but opened at $12.73. Sable Offshore shares last traded at $12.83, with a volume of 1,264,440 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Roth Capital reiterated a "buy" rating and set a $28.00 price objective on shares of Sable Offshore in a research report on Wednesday, October 15th. Weiss Ratings reiterated a "sell (d)" rating on shares of Sable Offshore in a research report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Sable Offshore has a consensus rating of "Moderate Buy" and an average target price of $28.20.

Sable Offshore Stock Performance

The firm has a 50 day simple moving average of $21.64 and a 200-day simple moving average of $23.56.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Equities analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the company's stock in a transaction dated Wednesday, October 15th. The stock was acquired at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the purchase, the insider owned 10,933,394 shares of the company's stock, valued at $164,438,245.76. This represents a 9.88% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 36.36% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

A number of institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its stake in shares of Sable Offshore by 1,755.2% in the third quarter. Nisa Investment Advisors LLC now owns 15,064 shares of the company's stock valued at $263,000 after buying an additional 14,252 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Sable Offshore by 138.8% in the third quarter. SG Americas Securities LLC now owns 17,501 shares of the company's stock valued at $306,000 after buying an additional 10,171 shares in the last quarter. Mayflower Financial Advisors LLC grew its stake in shares of Sable Offshore by 36.2% in the third quarter. Mayflower Financial Advisors LLC now owns 13,153 shares of the company's stock valued at $230,000 after buying an additional 3,496 shares in the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Sable Offshore in the third quarter valued at $186,000. Finally, Luminus Management LLC grew its stake in shares of Sable Offshore by 3.1% in the third quarter. Luminus Management LLC now owns 100,000 shares of the company's stock valued at $1,746,000 after buying an additional 3,000 shares in the last quarter. 26.19% of the stock is 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.

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