Sable Offshore (NYSE:SOC) Trading 5.9% Higher - What's Next?

Key Points

• Sable Offshore shares rose 5.9% on Monday, trading as high as $4.23 after closing at $3.92, though volume was well below average.
• Analyst sentiment remains mixed: Roth Capital and Jefferies cut price targets sharply but kept buy ratings, while Zacks and Wall Street Zen downgraded the stock. Overall, the consensus rating is Hold with a $15.33 price target.
• The company recently reported a much wider-than-expected loss, posting EPS of -$1.37 versus estimates of -$0.52 and revenue of just $1.27 million versus $16.10 million expected.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares rose 5.9% during trading on Monday . The stock traded as high as $4.23 and last traded at $4.15. 1,581,570 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 7,353,619 shares. The stock had previously closed at $3.92.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SOC shares. Roth Capital reduced their target price on Sable Offshore from $22.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, July 1st. Zacks Research cut shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a research note on Wednesday, June 3rd. Benchmark restated a "hold" rating on shares of Sable Offshore in a research report on Wednesday. Wall Street Zen downgraded shares of Sable Offshore from a "hold" rating to a "sell" rating in a report on Saturday, June 6th. Finally, Jefferies Financial Group dropped their target price on shares of Sable Offshore from $24.00 to $11.00 and set a "buy" rating on the stock in a research report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Sable Offshore presently has an average rating of "Hold" and a consensus price target of $15.33.

Sable Offshore Stock Up 11.9%

The firm has a market cap of $676.87 million, a PE ratio of -1.03 and a beta of -0.08. The firm has a 50-day moving average price of $10.86 and a two-hundred day moving average price of $11.56.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to analysts' expectations of $16.10 million. Research analysts forecast that Sable Offshore Corp. will post -0.27 earnings per share for the current fiscal year.

Insider Transactions at Sable Offshore

In other news, EVP Gregory D. Patrinely sold 39,311 shares of the stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the sale, the executive vice president directly owned 562,740 shares in the company, valued at $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Caldwell Flores sold 39,311 shares of the business's stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the transaction, the chief operating officer owned 562,740 shares in the company, valued at $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 240,163 shares of company stock valued at $3,228,498 over the last 90 days. 20.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. raised its holdings in shares of Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company's stock worth $100,048,000 after acquiring an additional 10,400,275 shares during the period. Capital International Investors grew its holdings in shares of Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company's stock valued at $104,564,000 after purchasing an additional 9,788,351 shares during the period. FourWorld Capital Management LLC acquired a new stake in Sable Offshore during the fourth quarter worth about $73,113,000. Encompass Capital Advisors LLC increased its position in Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock worth $121,673,000 after purchasing an additional 5,091,925 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company's stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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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