Sable Offshore (NYSE:SOC) Stock Price Up 9.9% - What's Next?

Key Points

• Sable Offshore shares rallied 9.9% to about $14.21 mid-day Thursday, with ~3.12 million shares traded (a 54% decline from average) after a prior close of $12.93.
• Analyst views are mixed: the consensus rating is Hold with a $19.50 target, though Jefferies raised its target to $30 and three analysts rate the stock Buy while two rate it Sell.
• Insiders heavily reduced positions—EVP and COO each sold 279,081 shares at $16.69 on March 31 (insiders sold 837,243 shares worth about $13.97M last quarter), yet insiders still own 36.36% of the company.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares rose 9.9% during mid-day trading on Thursday . The company traded as high as $14.13 and last traded at $14.2080. Approximately 3,117,618 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 6,762,166 shares. The stock had previously closed at $12.93.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group increased their price target on Sable Offshore from $28.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, March 30th. Benchmark restated a "hold" rating on shares of Sable Offshore in a research report on Thursday, March 5th. Roth Mkm restated a "buy" rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Finally, TD Cowen restated a "buy" rating on shares of Sable Offshore in a research report on Thursday, December 18th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $19.50.

Sable Offshore Price Performance

The firm has a fifty day simple moving average of $12.76 and a 200-day simple moving average of $10.83. The firm has a market cap of $2.11 billion, a P/E ratio of -3.40 and a beta of -0.10.

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

Insiders Place Their Bets

In other news, EVP Gregory D. Patrinely sold 279,081 shares of the firm's stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the executive vice president owned 442,794 shares in the company, valued at $7,390,231.86. This trade represents a 38.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James Caldwell Flores sold 279,081 shares of the firm's stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the chief operating officer owned 442,794 shares in the company, valued at $7,390,231.86. This represents a 38.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 837,243 shares of company stock worth $13,973,586. Corporate insiders own 36.36% of the company's stock.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC lifted 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 acquiring an additional 650 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock worth $761,000 after acquiring an additional 1,271 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Sable Offshore by 3.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company's stock worth $559,000 after acquiring an additional 1,856 shares during the period. Bleakley Financial Group LLC lifted its holdings in Sable Offshore by 4.4% during the third quarter. Bleakley Financial Group LLC now owns 50,949 shares of the company's stock worth $890,000 after acquiring an additional 2,167 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company's stock worth $165,000 after acquiring an additional 2,960 shares during the period. Hedge funds and other 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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