Sable Offshore (NYSE:SOC) Shares Gap Down – Time to Sell?

Sable Offshore Corp. (NYSE:SOC) gapped down prior to trading on Wednesday . The stock had previously closed at $10.36, but opened at $9.96. Sable Offshore shares last traded at $9.4450, with a volume of 2,858,847 shares changing hands.

Analysts Set New Price Targets

SOC has been the subject of several research reports. Jefferies Financial Group decreased their price objective on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Roth Capital restated a “buy” rating on shares of Sable Offshore in a research note on Wednesday. Finally, Cowen reiterated a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Five research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.60.

Sable Offshore Trading Down 5.6%

The business has a 50 day simple moving average of $7.30 and a two-hundred day simple moving average of $18.31. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -3.00 and a beta of 0.51.

Sable Offshore (NYSE:SOC) last released its earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Research analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the firm’s stock in a transaction on 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 acquisition, 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 36.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

Several large investors have recently modified their holdings of the stock. Invesco Ltd. lifted its position in Sable Offshore by 696.9% in the first quarter. Invesco Ltd. now owns 207,442 shares of the company’s stock worth $5,263,000 after purchasing an additional 181,412 shares during the period. Nuveen LLC acquired a new position in shares of Sable Offshore during the 1st quarter valued at $3,689,000. HighTower Advisors LLC raised its stake in shares of Sable Offshore by 33.5% in the 1st quarter. HighTower Advisors LLC now owns 19,225 shares of the company’s stock worth $488,000 after buying an additional 4,825 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Sable Offshore by 69.0% in the first quarter. Russell Investments Group Ltd. now owns 28,555 shares of the company’s stock valued at $724,000 after buying an additional 11,662 shares during the period. Finally, Quantbot Technologies LP bought a new position in Sable Offshore during the first quarter valued at about $48,000. Institutional investors own 26.19% of the company’s stock.

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.