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

Key Points

• Sable Offshore Corp. shares gapped down significantly, opening at $20.11 from a previous close of $22.08, with the stock last trading at $19.42.
• Analysts have mixed opinions on the stock, with six maintaining a "buy" rating and one issuing a "sell" rating, resulting in an average target price of $30.00.
• Insider trading activity showed a major shareholder selling 167,175 shares valued at approximately $3.67 million, indicating a possible decrease in confidence among company insiders.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $22.08, but opened at $20.11. Sable Offshore shares last traded at $19.42, with a volume of 3,002,656 shares changing hands.

Analysts Set New Price Targets

SOC has been the subject of a number of research analyst reports. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Benchmark increased their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Finally, Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the company a "buy" rating in a research report on Friday, May 23rd. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.00.

Sable Offshore Stock Performance

The business has a 50-day simple moving average of $26.77 and a two-hundred day simple moving average of $24.75.

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

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the transaction, the insider owned 9,933,394 shares of the company's stock, valued at $218,336,000.12. This represents a 1.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 36.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently made changes to their positions in SOC. SVB Wealth LLC purchased a new position in Sable Offshore during the first quarter valued at $29,000. CWM LLC grew its holdings in shares of Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company's stock worth $41,000 after acquiring an additional 1,730 shares during the period. KBC Group NV bought a new stake in Sable Offshore during the second quarter valued at about $46,000. Quantbot Technologies LP bought a new position in shares of Sable Offshore in the first quarter worth about $48,000. Finally, NewEdge Advisors LLC raised its holdings in shares of 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 acquiring an additional 650 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors.

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.