Sable Offshore (NYSE:SOC) Trading Up 7.4% - Still a Buy?

Key Points

• Sable Offshore stock rose 7.4% on Thursday, trading as high as $4.70 on volume of 4.23 million shares, which was below its recent average daily volume.
• Analyst sentiment remains mixed: the stock has a consensus Hold rating with an average price target of $15.33, though recent moves included price target cuts from Jefferies and Roth Capital alongside sell ratings from Weiss and Zacks.
• The company continues to face weak fundamentals, having reported a wider-than-expected quarterly loss and sharply lower revenue, while insiders sold shares earlier this year and institutional ownership stands at 26.19%.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price traded up 7.4% during trading on Thursday . The stock traded as high as $4.70 and last traded at $4.7050. Approximately 4,230,372 shares changed hands during trading, a decline of 43% from the average session volume of 7,425,439 shares. The stock had previously closed at $4.38.

Analyst Ratings Changes

A number of research firms have weighed in on SOC. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research report on Friday, April 24th. Jefferies Financial Group cut their price target on shares of Sable Offshore from $24.00 to $11.00 and set a "buy" rating on the stock in a report on Monday, July 6th. Roth Capital reduced their price objective on shares of Sable Offshore from $22.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, July 1st. Benchmark restated a "hold" rating on shares of Sable Offshore in a report on Wednesday, July 8th. Finally, Zacks Research lowered Sable Offshore from a "hold" rating to a "strong sell" rating in a research report on Wednesday, June 3rd. Three 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. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $15.33.

Sable Offshore Trading Up 3.8%

The firm has a market cap of $701.57 million, a price-to-earnings ratio of -1.07 and a beta of -0.08. The business's 50-day simple moving average is $9.39 and its two-hundred day simple moving average is $11.28.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to analysts' expectations of $16.10 million. On average, analysts forecast that Sable Offshore Corp. will post -0.36 earnings per share for the current fiscal year.

Insider Activity at Sable Offshore

In other Sable Offshore news, insider Anthony Duenner sold 40,743 shares of the company's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $13.33, for a total transaction of $543,104.19. Following the sale, the insider owned 530,176 shares of the company's stock, valued at approximately $7,067,246.08. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 40,743 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total value of $543,104.19. Following the sale, the executive vice president owned 502,051 shares of the company's stock, valued at approximately $6,692,339.83. The trade was a 7.51% 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 have sold a total of 240,163 shares of company stock worth $3,228,498 over the last quarter. Company insiders own 20.00% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds have recently added to or reduced their stakes in SOC. Alyeska Investment Group L.P. boosted its stake in Sable Offshore by 1,504.0% during the fourth 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 in the last quarter. Capital International Investors increased its stake in 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 in the last quarter. FourWorld Capital Management LLC bought a new stake in Sable Offshore in the fourth quarter valued at $73,113,000. Encompass Capital Advisors LLC raised its holdings in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock valued at $121,673,000 after purchasing an additional 5,091,925 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company's stock valued at $68,170,000 after purchasing an additional 2,975,712 shares during the period. 26.19% of the stock is currently owned by 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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