Brokerages Set Sable Offshore Corp. (NYSE:SOC) Target Price at $15.33

Sable Offshore Corp. (NYSE:SOC) has been given a consensus rating of “Hold” by the six ratings firms that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $15.3333.

Several equities research analysts have issued reports on the stock. Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Wall Street Zen downgraded shares of Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Roth Capital decreased their target price on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Finally, Jefferies Financial Group lowered their target price on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, July 6th.

Sable Offshore Trading Up 4.8%

Shares of NYSE:SOC opened at $4.34 on Wednesday. The firm has a market capitalization of $669.92 million, a PE ratio of -1.02 and a beta of -0.08. Sable Offshore has a 1-year low of $2.88 and a 1-year high of $32.18. The business’s 50 day moving average is $9.94 and its 200-day moving average is $11.36.

Sable Offshore (NYSE:SOC) last issued its earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. On average, sell-side analysts predict that Sable Offshore will post -0.36 EPS for the current year.

Insider Buying and Selling at Sable Offshore

In related news, COO James Caldwell Flores sold 39,311 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the transaction, the chief operating officer owned 562,740 shares in the company, valued at $7,630,754.40. This trade represents a 6.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,070.72. Following the transaction, the insider owned 590,864 shares of the company’s stock, valued at $8,012,115.84. This trade represents a 6.24% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 240,163 shares of company stock valued at $3,228,498. 20.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp acquired a new stake in shares of Sable Offshore in the 1st quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Sable Offshore during the 4th quarter worth about $37,000. Aster Capital Management DIFC Ltd increased its position in shares of Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares in the last quarter. KBC Group NV increased its position in shares of Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings 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 during the last quarter. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.