Sable Offshore (NYSE:SOC) Stock Price Down 6% - Here's What Happened

Key Points

• Sable Offshore fell 6% intraday to $10.03 from a prior close of $10.67, with trading volume of ~1.28M shares — about 85% below its average session volume.
• Analyst coverage is mixed: five Buy ratings and two Sell ratings yield a consensus rating of Hold and a consensus price target of $19.60.
• The company showed weak fundamentals, reporting a quarterly loss of ($1.11) that missed estimates and a projected full‑year EPS of -6.39, while insiders now own 36.36% after a large purchase by Global Icav Pilgrim.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) fell 6% during mid-day trading on Tuesday . The stock traded as low as $9.80 and last traded at $10.0290. 1,278,868 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 8,748,887 shares. The stock had previously closed at $10.67.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SOC. Roth Capital reissued a "buy" rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Benchmark reiterated a "buy" rating on shares of Sable Offshore in a report on Thursday, January 8th. Cowen reissued a "buy" rating on shares of Sable Offshore in a research report on Thursday, December 18th. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a report on Monday, December 29th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a research report on Thursday, October 30th. Five research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $19.60.

Sable Offshore Stock Performance

The stock has a fifty day simple moving average of $6.68 and a 200 day simple moving average of $17.15. The firm has a market cap of $1.53 billion, a P/E ratio of -3.24 and a beta of 0.40.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the firm's stock in a transaction dated Wednesday, October 15th. The stock was purchased at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the acquisition, the insider directly owned 10,933,394 shares of the company's stock, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 36.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently added to or reduced their stakes in the stock. Mayflower Financial Advisors LLC lifted its holdings in shares of Sable Offshore by 38.3% during the 4th quarter. Mayflower Financial Advisors LLC now owns 18,188 shares of the company's stock valued at $164,000 after buying an additional 5,035 shares during the period. SG Americas Securities LLC grew its holdings in shares of Sable Offshore by 676.2% in the fourth quarter. SG Americas Securities LLC now owns 135,846 shares of the company's stock worth $1,225,000 after acquiring an additional 118,345 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Sable Offshore by 389.3% in the third quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company's stock worth $2,780,000 after acquiring an additional 126,692 shares during the period. FNY Investment Advisers LLC increased its position in Sable Offshore by 380.3% during the third quarter. FNY Investment Advisers LLC now owns 88,490 shares of the company's stock valued at $1,545,000 after acquiring an additional 70,068 shares during the last quarter. Finally, Penn Capital Management Company LLC lifted its holdings in Sable Offshore by 24.2% in the third quarter. Penn Capital Management Company LLC now owns 37,130 shares of the company's stock valued at $648,000 after acquiring an additional 7,232 shares during the period. Institutional investors own 26.19% of the company's stock.

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.

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