Sable Offshore (NYSE:SOC) Shares Gap Down on Analyst Downgrade

Shares of Sable Offshore Corp. (NYSE:SOC) gapped down before the market opened on Wednesday after Jefferies Financial Group lowered their price target on the stock from $38.00 to $20.00. The stock had previously closed at $7.23, but opened at $7.00. Jefferies Financial Group currently has a buy rating on the stock. Sable Offshore shares last traded at $6.1390, with a volume of 2,027,416 shares.

A number of other analysts have also issued reports on the stock. Roth Capital restated a “buy” rating and issued a $22.00 price target on shares of Sable Offshore in a research note on Tuesday. Benchmark dropped their target price on shares of Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Five investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $19.60.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim purchased 982,645 shares of Sable Offshore stock in a transaction dated Wednesday, October 15th. The stock was bought at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the acquisition, the insider owned 10,933,394 shares in the company, valued at $164,438,245.76. The trade was a 9.88% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently made changes to their positions in SOC. SVB Wealth LLC bought a new position in Sable Offshore in the 1st quarter worth approximately $29,000. CWM LLC lifted its stake in shares of Sable Offshore by 1,262.8% in the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after acquiring an additional 1,730 shares during the period. KBC Group NV bought a new position in shares of Sable Offshore in the second quarter valued at approximately $46,000. Quantbot Technologies LP bought a new stake in Sable Offshore during the first quarter worth approximately $48,000. Finally, NewEdge Advisors LLC boosted its stake in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares in the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Stock Down 11.8%

The company has a 50 day moving average of $16.53 and a two-hundred day moving average of $22.63. The firm has a market cap of $634.38 million, a P/E ratio of -1.88 and a beta of 0.46.

Sable Offshore (NYSE:SOC) last announced its earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Research analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

About Sable Offshore

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.