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

Key Points

• Sable Offshore Corp. shares fell from a previous close of $18.53 to open at $17.94, marking a gap down in stock price before the Tuesday market open.
• The company reported a loss of ($1.10) earnings per share, significantly missing the consensus estimate of ($0.66), indicating ongoing financial challenges.
• Insider transactions included the sale of 167,175 shares by major shareholder Global Icav Pilgrim, which may indicate shifts in confidence among investors.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $18.53, but opened at $17.94. Sable Offshore shares last traded at $18.00, with a volume of 1,002,571 shares trading hands.

Sable Offshore Trading Down 2.9%

The firm's 50-day moving average price is $26.27 and its two-hundred day moving average price is $24.56.

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

Insider Buying and Selling at Sable Offshore

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. SVB Wealth LLC acquired a new position in Sable Offshore during the first quarter worth $29,000. CWM LLC boosted its holdings in Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company's stock worth $41,000 after purchasing an additional 1,730 shares during the last quarter. KBC Group NV acquired a new position in Sable Offshore during the second quarter worth $46,000. Quantbot Technologies LP acquired a new position in Sable Offshore during the first quarter worth $48,000. Finally, NewEdge Advisors LLC boosted its holdings in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after purchasing an additional 650 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

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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