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

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $32.35, but opened at $30.50. Sable Offshore shares last traded at $30.65, with a volume of 2,014,045 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SOC. Roth Capital set a $30.00 target price on shares of Sable Offshore in a research report on Thursday, March 27th. Benchmark increased their price objective on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday. BWS Financial reissued a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Finally, Roth Mkm assumed coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price target for the company. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Sable Offshore presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.17.

Sable Offshore Trading Down 3.7%

The firm's fifty day simple moving average is $22.77 and its two-hundred day simple moving average is $23.64. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to analysts' expectations of $21.00 million. Equities analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the transaction, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 14.30% of the company's stock.

Institutional Trading of Sable Offshore

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Sable Offshore by 5.7% during the first quarter. Vanguard Group Inc. now owns 3,685,492 shares of the company's stock worth $93,501,000 after buying an additional 199,366 shares during the period. Encompass Capital Advisors LLC lifted its stake in Sable Offshore by 92.5% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,694,954 shares of the company's stock worth $68,371,000 after acquiring an additional 1,294,954 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Sable Offshore by 16.9% during the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock valued at $28,155,000 after acquiring an additional 177,971 shares during the period. Greenhaven Road Investment Management L.P. boosted its holdings in Sable Offshore by 24.3% during the 4th quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company's stock valued at $14,275,000 after acquiring an additional 121,751 shares during the period. Finally, GM Advisory Group LLC grew its position in Sable Offshore by 17.6% in the 4th quarter. GM Advisory Group LLC now owns 600,000 shares of the company's stock valued at $13,740,000 after acquiring an additional 90,000 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company's stock.

About Sable Offshore

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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