Sable Offshore (NYSE:SOC) Stock Price Down 4.8% - Here's Why

Key Points

• Sable Offshore shares fell 4.8% on Tuesday to about $16.99, with just 271,519 shares traded — roughly a 96% decline from its average daily volume — after a prior close of $17.84.
• Analysts are mixed: three Buys, one Hold and two Sells give an average rating of Hold and an average price target of $19.50, while Jefferies recently raised its target to $30 and maintained a Buy.
• Several institutions dramatically increased Q4 stakes (notably Encompass, Capital International, Alyeska and Vanguard), institutional ownership is 26.19%, and the company has a $2.43B market cap with a negative PE (~-3.93) after reporting Q4 EPS of -$0.39 (beating -$0.59); analysts expect FY EPS of about -$6.39.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares fell 4.8% during trading on Tuesday . The company traded as low as $17.26 and last traded at $16.9850. 271,519 shares changed hands during trading, a decline of 96% from the average session volume of 7,116,837 shares. The stock had previously closed at $17.84.

Analysts Set New Price Targets

SOC has been the subject of a number of research analyst reports. TD Cowen reissued a "buy" rating on shares of Sable Offshore in a research note on Thursday, December 18th. Roth Mkm reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research report on Thursday, March 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Finally, Jefferies Financial Group raised their price target on shares of Sable Offshore from $28.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $19.50.

Sable Offshore Stock Performance

The firm has a market capitalization of $2.43 billion, a PE ratio of -3.93 and a beta of 0.43. The company has a fifty day simple moving average of $11.79 and a two-hundred day simple moving average of $11.47.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.20. On average, equities analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently modified their holdings of the business. Encompass Capital Advisors LLC boosted its stake in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock valued at $121,673,000 after purchasing an additional 5,091,925 shares in the last quarter. Capital International Investors raised its stake in Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company's stock worth $104,564,000 after buying an additional 9,788,351 shares in the last quarter. Alyeska Investment Group L.P. lifted its holdings in Sable Offshore by 1,504.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company's stock worth $100,048,000 after buying an additional 10,400,275 shares during the period. FourWorld Capital Management LLC bought a new stake in Sable Offshore during the 4th quarter valued at $73,113,000. Finally, Vanguard Group Inc. increased its holdings in shares of Sable Offshore by 64.9% in the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company's stock valued at $68,170,000 after acquiring an additional 2,975,712 shares during the period. Institutional investors own 26.19% of the company's stock.

Sable Offshore Company Profile

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.

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