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

Key Points

• Sable Offshore shares fell 7.1%, opening at $5.05 versus a prior close of $5.29, with more than 3.1 million shares traded.
• Analyst sentiment is mixed but leans cautious: the average rating is “Hold,” with a consensus price target of $15.33; Jefferies cut its target from $24 to $11 while several firms issued sell or strong-sell ratings.
• The company reported a wider-than-expected quarterly loss of $1.37 per share and revenue of $1.27 million, far below the $16.10 million analyst estimate.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $5.29, but opened at $5.05. Sable Offshore shares last traded at $5.0440, with a volume of 3,132,081 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Jefferies Financial Group decreased their price objective on shares of Sable Offshore from $24.00 to $11.00 and set a "buy" rating for the company in a research report on Monday, July 6th. Benchmark reissued a "hold" rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Wall Street Zen lowered Sable Offshore from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Zacks Research cut shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Sable Offshore presently has an average rating of "Hold" and a consensus price target of $15.33.

Sable Offshore Trading Down 7.1%

The stock has a 50-day moving average of $7.95 and a 200-day moving average of $11.00. The firm has a market cap of $758.68 million, a price-to-earnings ratio of -1.15 and a beta of -0.15.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to analysts' expectations of $16.10 million. As a group, research analysts expect that Sable Offshore Corp. will post -0.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently modified their holdings of SOC. Fifth Third Bancorp acquired a new position in shares of Sable Offshore in the 1st quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore in the 4th quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd lifted its position in shares of Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock valued at $47,000 after acquiring an additional 3,790 shares in the last quarter. KBC Group NV boosted its stake in Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company's stock worth $52,000 after purchasing an additional 1,026 shares during the period. Finally, NewEdge Advisors LLC grew its position in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after purchasing an additional 650 shares in 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.