Sable Offshore (NYSE:SOC) Trading Down 9.4% - Here's What Happened

Key Points

• Shares fell 9.4% intraday on Friday to last trade at $15.81 (low $14.65), with ~2.59 million shares changing hands — down about 64% from the stock's average daily volume.
• Analysts are mixed: three Buy, one Hold and two Sell ratings leave an average rating of "Hold" and an average price target of $19.00.
• Sable reported quarterly EPS of ($0.39) vs. consensus ($0.59) and revenue of $1.0M vs. $0.5M, but the company still faces negative full-year EPS expectations (around -6.39) and has a market cap of ~$2.43 billion.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price was down 9.4% during mid-day trading on Friday . The stock traded as low as $14.65 and last traded at $15.81. Approximately 2,592,630 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 7,227,533 shares. The stock had previously closed at $17.45.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SOC shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Roth Mkm restated a "buy" rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research report on Thursday, March 5th. Jefferies Financial Group reissued a "buy" rating and issued a $28.00 target price on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, TD Cowen restated a "buy" rating on shares of Sable Offshore in a report on Thursday, December 18th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $19.00.

Sable Offshore Stock Down 3.9%

The business has a 50 day moving average price of $10.23 and a 200 day moving average price of $12.31. The stock has a market cap of $2.43 billion, a P/E ratio of -3.93 and a beta of 0.43.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.20. The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. On average, research analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Institutional Trading of Sable Offshore

A number of large investors have recently made changes to their positions in SOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Sable Offshore by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock worth $761,000 after buying an additional 1,271 shares during the period. NewEdge Advisors LLC grew its stake in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after acquiring an additional 650 shares in the last quarter. ProShare Advisors LLC grew its stake in Sable Offshore by 28.4% in the 2nd quarter. ProShare Advisors LLC now owns 14,029 shares of the company's stock worth $308,000 after acquiring an additional 3,104 shares in the last quarter. KBC Group NV purchased a new position in shares of Sable Offshore during the second quarter worth approximately $46,000. Finally, Geode Capital Management LLC increased its position in shares of Sable Offshore by 29.3% during the second quarter. Geode Capital Management LLC now owns 1,624,893 shares of the company's stock worth $35,721,000 after acquiring an additional 368,059 shares during the period. 26.19% of the stock is owned by hedge funds and other institutional investors.

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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