Sable Offshore (NYSE:SOC) Trading Down 5.3% – Here’s Why
by Kim Johansen · The Markets DailySable Offshore Corp. (NYSE:SOC – Get Free Report) shares were down 5.3% during mid-day trading on Tuesday . The stock traded as low as $12.57 and last traded at $12.4290. Approximately 475,184 shares were traded during trading, a decline of 91% from the average daily volume of 5,569,855 shares. The stock had previously closed at $13.12.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on SOC shares. Jefferies Financial Group lowered their price target on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Wall Street Zen lowered Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Tuesday, June 2nd. Finally, Roth Mkm set a $22.00 price target on Sable Offshore in a research note on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $22.00.
Sable Offshore Trading Down 9.0%
The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of -2.80 and a beta of -0.22. The firm has a fifty day moving average price of $14.10 and a 200 day moving average price of $11.18.
Sable Offshore (NYSE:SOC – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. As a group, equities analysts predict that Sable Offshore Corp. will post 0.04 EPS for the current fiscal year.
Insider Transactions at Sable Offshore
In other news, 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 transaction, the executive vice president 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anthony Duenner sold 279,081 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 470,919 shares in the company, valued at approximately $7,859,638.11. This represents a 37.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,077,406 shares of company stock valued at $17,202,083 in the last three months. 36.36% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Sable Offshore
Large investors have recently made changes to their positions in the company. Fifth Third Bancorp acquired a new position in shares of Sable Offshore during the first quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Sable Offshore during the fourth quarter valued at $37,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Sable Offshore by 263.2% during the fourth 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 during the period. KBC Group NV lifted its stake in shares of Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after acquiring an additional 1,026 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares during the period. Institutional investors and hedge funds own 26.19% of the company’s stock.
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.