Sable Offshore (NYSE:SOC) Trading Down 5.7% - Here's Why

Key Points

• Shares fell 5.7% to about $12.24 on Tuesday (intraday low $12.05) on unusually light volume of 836,518 shares, down 88% from the average session volume.
• Analysts are mixed—three Buy, one Hold and two Sell—resulting in a consensus rating of "Hold" with a consensus price target of $19.50, while Jefferies raised its target to $30.
• Significant insider selling: the COO and EVP each sold 279,081 shares at $16.69, part of 837,243 shares (~$13.97M) sold in the last 90 days, reducing their positions by roughly 38.7%.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) traded down 5.7% during trading on Tuesday . The stock traded as low as $12.05 and last traded at $12.2360. 836,518 shares changed hands during trading, a decline of 88% from the average session volume of 6,808,507 shares. The stock had previously closed at $12.98.

Analysts Set New Price Targets

A number of research firms recently issued reports on SOC. Roth Mkm reaffirmed a "buy" rating on shares of Sable Offshore in a report on Wednesday, December 24th. Jefferies Financial Group raised their price objective on shares of Sable Offshore from $28.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, March 30th. Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a research note 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, TD Cowen reissued a "buy" rating on shares of Sable Offshore in a 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 given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $19.50.

Sable Offshore Price Performance

The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -2.87 and a beta of -0.10. The stock has a 50-day moving average of $12.58 and a 200 day moving average of $10.87.

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

Insider Activity

In related news, COO James Caldwell Flores sold 279,081 shares of the business'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 transaction of $4,657,861.89. Following the completion of the transaction, the chief operating officer owned 442,794 shares in the company, valued at approximately $7,390,231.86. The trade was a 38.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gregory D. Patrinely sold 279,081 shares of the company'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 transaction of $4,657,861.89. Following the completion of the sale, the executive vice president directly owned 442,794 shares of the company's stock, valued at $7,390,231.86. The trade was a 38.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 837,243 shares of company stock valued at $13,973,586 in the last ninety days. 36.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC raised its stake in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after buying an additional 650 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock valued at $761,000 after acquiring an additional 1,271 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Sable Offshore by 3.1% in 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 in the last quarter. Bleakley Financial Group LLC raised its position in shares of 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 purchasing an additional 2,167 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Sable Offshore by 65.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company's stock valued at $165,000 after purchasing an additional 2,960 shares in the last quarter. Institutional investors and hedge funds 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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