Sable Offshore (NYSE:SOC) Trading Down 6.9% - Here's Why

Key Points

• Sable Offshore Corp. (NYSE:SOC) shares dropped by 6.9% to $25.13 after closing at $26.98, with trading volume decreasing by 73% compared to its average.
• Analyst ratings for Sable Offshore show significant divergence, with Benchmark increasing its price target to $47.00 and BWS Financial issuing a $6.00 price target, reflecting an overall Moderate Buy consensus.
• The company reported a quarterly loss of ($1.10) per share, missing analyst estimates, leading to a forecast of -6.39 EPS for the current fiscal year.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares fell 6.9% during trading on Tuesday . The stock traded as low as $25.42 and last traded at $25.13. 565,764 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 2,087,386 shares. The stock had previously closed at $26.98.

Analyst Ratings Changes

Several research firms have recently commented on SOC. Benchmark boosted their price target on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Finally, BWS Financial reissued a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, May 13th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Sable Offshore has an average rating of "Moderate Buy" and a consensus target price of $30.33.

Sable Offshore Stock Down 11.5%

The business has a fifty day moving average price of $26.72 and a two-hundred day moving average price of $25.15.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). Sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $21.98, for a total value of $3,674,506.50. Following the transaction, the insider directly owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. This represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 36.36% of the company's stock.

Institutional Trading of Sable Offshore

A number of hedge funds have recently modified their holdings of the stock. Nomura Holdings Inc. purchased a new stake in shares of Sable Offshore in the second quarter worth about $401,000. Tower Research Capital LLC TRC boosted its stake in shares of Sable Offshore by 65.1% in the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company's stock worth $165,000 after buying an additional 2,960 shares during the last quarter. Rafferty Asset Management LLC boosted its stake in shares of Sable Offshore by 27.1% in the second quarter. Rafferty Asset Management LLC now owns 128,398 shares of the company's stock worth $2,822,000 after buying an additional 27,361 shares during the last quarter. Rangeley Capital LLC purchased a new stake in shares of Sable Offshore in the second quarter worth about $550,000. Finally, Oxford Asset Management LLP purchased a new stake in shares of Sable Offshore in the second quarter worth about $421,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.

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