Sable Offshore (NYSE:SOC) Trading Down 9.4% - What's Next?

Key Points

• Sable Offshore Corp. (NYSE:SOC) shares dropped 9.4% on Thursday, closing at $12.80 after trading as low as $12.77, with a significant increase in trading volume.
• Analysts maintain an overall positive outlook with a consensus rating of “Moderate Buy” and a price target averaging $28.20, despite some mixed ratings from individual analysts.
• Insider activity shows a major shareholder, Global Icav Pilgrim, sold over 167,000 shares, reducing their position by 1.66%, while hedge fund investments in Sable Offshore have shown notable changes in recent quarters.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) traded down 9.4% on Thursday . The stock traded as low as $12.77 and last traded at $12.80. 3,256,996 shares were traded during mid-day trading, an increase of 23% from the average session volume of 2,654,420 shares. The stock had previously closed at $14.13.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Roth Capital reiterated a "buy" rating and issued a $28.00 price objective on shares of Sable Offshore in a research note on Wednesday. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Sable Offshore in a report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $28.20.

Sable Offshore Stock Performance

The firm has a 50 day simple moving average of $23.60 and a two-hundred day simple moving average of $23.97.

Sable Offshore (NYSE:SOC - Get Free Report) last posted 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). On average, equities analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the sale, the insider directly owned 9,933,394 shares in the company, valued at approximately $218,336,000.12. The trade was a 1.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 36.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC purchased a new stake in Sable Offshore during the 3rd quarter valued at about $186,000. Luminus Management LLC increased its position in Sable Offshore by 3.1% during the 3rd quarter. Luminus Management LLC now owns 100,000 shares of the company's stock valued at $1,746,000 after buying an additional 3,000 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in Sable Offshore during the 2nd quarter valued at $401,000. Tower Research Capital LLC TRC boosted its stake in 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 during the last quarter. Finally, Rafferty Asset Management LLC grew its holdings 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 acquiring an additional 27,361 shares during the period. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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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