Sable Offshore (NYSE:SOC) Price Target Cut to $24.00 by Analysts at Jefferies Financial Group

Sable Offshore (NYSE:SOC) had its price target lowered by Jefferies Financial Group from $30.00 to $24.00 in a report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities analysts have also commented on the stock. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Finally, Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $18.00.

Sable Offshore Stock Up 3.9%

Shares of Sable Offshore stock opened at $14.63 on Wednesday. The firm has a market capitalization of $2.15 billion, a P/E ratio of -3.48 and a beta of -0.10. Sable Offshore has a 52 week low of $3.72 and a 52 week high of $35.00. The firm’s 50 day moving average is $13.35 and its two-hundred day moving average is $10.66.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.20. As a group, research analysts expect that Sable Offshore will post 1.47 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Anthony Duenner sold 279,081 shares of the 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 completion of the sale, the insider directly owned 470,919 shares of the company’s stock, valued at approximately $7,859,638.11. This represents a 37.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO James Caldwell Flores sold 279,081 shares of the stock in a transaction that occurred on 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 chief operating officer 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 837,243 shares of company stock valued at $13,973,586. 36.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently modified their holdings of the company. NewEdge Advisors LLC boosted its holdings in shares of Sable Offshore by 36.2% in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after acquiring an additional 1,271 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Sable Offshore by 3.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company’s stock worth $559,000 after purchasing an additional 1,856 shares during the period. Bleakley Financial Group LLC lifted its holdings in shares of Sable Offshore by 4.4% during the third quarter. Bleakley Financial Group LLC now owns 50,949 shares of the company’s stock worth $890,000 after purchasing an additional 2,167 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock worth $165,000 after purchasing an additional 2,960 shares during the period. 26.19% of the stock is owned by institutional investors and hedge funds.

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.