Sable Offshore (NYSE:SOC) Sets New 12-Month Low Following Weak Earnings

Shares of Sable Offshore Corp. (NYSE:SOC) hit a new 52-week low on Friday following a dissappointing earnings announcement. The stock traded as low as $4.04 and last traded at $4.1950, with a volume of 13981004 shares trading hands. The stock had previously closed at $5.89.

The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21).

Wall Street Analyst Weigh In

SOC has been the topic of several research reports. Jefferies Financial Group dropped their price objective on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Benchmark dropped their price target on Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 4th. Finally, Roth Capital reissued a “buy” rating and issued a $22.00 price objective on shares of Sable Offshore in a research note on Tuesday. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Sable Offshore currently has an average rating of “Hold” and an average target price of $19.60.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The stock was bought at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the transaction, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. The trade was a 9.88% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 36.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently added to or reduced their stakes in the business. Encompass Capital Advisors LLC increased its holdings in Sable Offshore by 83.8% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock worth $108,845,000 after purchasing an additional 2,257,069 shares in the last quarter. Capital International Investors bought a new position in shares of Sable Offshore in the third quarter valued at approximately $31,499,000. Cooper Creek Partners Management LLC purchased a new position in shares of Sable Offshore during the second quarter valued at approximately $24,465,000. Bank of America Corp DE boosted its position in shares of Sable Offshore by 329.8% during the second quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock valued at $24,715,000 after buying an additional 862,810 shares during the last quarter. Finally, Two Seas Capital LP bought a new stake in Sable Offshore during the second quarter worth $9,708,000. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

The firm has a market cap of $417.44 million, a P/E ratio of -1.24 and a beta of 0.46. The company has a fifty day moving average of $15.82 and a 200-day moving average of $22.41.

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.