Sable Offshore Corp. (NYSE:SOC) Given Consensus Recommendation of “Hold” by Analysts

Sable Offshore Corp. (NYSE:SOC) has earned an average recommendation of “Hold” from the six ratings firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $19.50.

Several equities research analysts have recently weighed in on SOC shares. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, Jefferies Financial Group lifted their price objective on Sable Offshore from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, March 30th.

Sable Offshore Stock Down 0.1%

NYSE:SOC opened at $15.36 on Monday. The firm has a market capitalization of $2.26 billion, a PE ratio of -3.66 and a beta of -0.10. Sable Offshore has a 12-month low of $3.72 and a 12-month high of $35.00. The firm has a 50-day moving average price of $12.13 and a 200 day moving average price of $11.26.

Sable Offshore (NYSE:SOC) last posted its earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.20. On average, research analysts expect that Sable Offshore will post -6.39 EPS for the current year.

Insiders Place Their Bets

In other Sable Offshore news, insider Anthony Duenner sold 279,081 shares of the firm’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the sale, the insider owned 470,919 shares in the company, valued at approximately $7,859,638.11. This trade represents a 37.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO James Caldwell Flores sold 279,081 shares of the company’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 transaction of $4,657,861.89. Following the transaction, the chief operating officer owned 442,794 shares in the company, valued at $7,390,231.86. The trade was a 38.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 837,243 shares of company stock valued at $13,973,586 in the last 90 days. 36.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SOC. Encompass Capital Advisors LLC increased its stake in shares of Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after buying an additional 5,091,925 shares during the period. Capital International Investors boosted its holdings in Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after acquiring an additional 9,788,351 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in Sable Offshore by 1,504.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after acquiring an additional 10,400,275 shares during the last quarter. FourWorld Capital Management LLC acquired a new stake in Sable Offshore in the fourth quarter worth about $73,113,000. Finally, Vanguard Group Inc. increased its position in Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 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.