Sable Offshore (NYSE:SOC) Upgraded at Wall Street Zen
by Doug Wharley · The Cerbat GemWall Street Zen upgraded shares of Sable Offshore (NYSE:SOC – Free Report) from a strong sell rating to a sell rating in a research report released on Saturday morning.
SOC has been the topic of several other reports. Jefferies Financial Group cut their price objective on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Finally, Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.00.
Read Our Latest Stock Analysis on SOC
Sable Offshore Stock Performance
Sable Offshore stock opened at $13.47 on Friday. The stock’s 50 day simple moving average is $13.66 and its two-hundred day simple moving average is $10.48. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -3.21 and a beta of -0.10. Sable Offshore has a fifty-two week low of $3.72 and a fifty-two week high of $35.00.
Sable Offshore (NYSE:SOC – Get Free Report) last posted its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.20. On average, analysts predict that Sable Offshore will post 1.47 earnings per share for the current year.
Insider Transactions at Sable Offshore
In other news, COO James Caldwell Flores sold 279,081 shares of the business’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the sale, the chief operating officer 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. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Gregory D. Patrinely sold 279,081 shares of the business’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the sale, the executive vice president directly owned 442,794 shares in the company, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have 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 currently owned by corporate insiders.
Hedge Funds Weigh In On Sable Offshore
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC lifted its position in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new position in Sable Offshore in the 4th quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd lifted its position in Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after acquiring an additional 3,790 shares in the last quarter. Whittier Trust Co. bought a new position in Sable Offshore in the 3rd quarter valued at approximately $115,000. Finally, Tower Research Capital LLC TRC lifted its position in Sable Offshore by 65.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock valued at $165,000 after acquiring an additional 2,960 shares in the last quarter. 26.19% of the stock is 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.