Sable Offshore (NYSE:SOC) Trading Down 9.4% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) fell 9.4% during mid-day trading on Friday . The company traded as low as $14.65 and last traded at $15.81. 2,592,630 shares were traded during mid-day trading, a decline of 64% from the average session volume of 7,227,533 shares. The stock had previously closed at $17.45.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SOC shares. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Jefferies Financial Group restated a “buy” rating and set a $28.00 price objective on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, Benchmark restated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Sable Offshore currently has an average rating of “Hold” and a consensus target price of $19.00.

Sable Offshore Stock Down 3.9%

The stock’s fifty day moving average is $10.33 and its two-hundred day moving average is $12.12. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -3.99 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. The firm had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. As a group, analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Institutional Trading of Sable Offshore

Hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC increased its holdings in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after acquiring an additional 650 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Sable Offshore by 4.4% in the 1st 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 Sable Offshore by 3.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company’s stock valued at $559,000 after purchasing an additional 1,856 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in Sable Offshore by 41.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,985 shares of the company’s stock valued at $154,000 after purchasing an additional 2,041 shares during the last quarter. Finally, KBC Group NV bought a new position in Sable Offshore during the second quarter worth $46,000. 26.19% of the stock is 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.