Why Sable Offshore (SOC) Stock Is Getting Hammered

Sable Offshore Corp SOC shares are trading lower by 21.3%% to $22.26 Friday afternoon after the company announced a $150 million private placement of 7.50 million shares.

The private placement is set to close on September 23, pending standard conditions. The funds will be used for capital expenditures, working capital, and general corporate purposes.

Additionally, as of September 18, 2024, Sable has raised $64.8 million from the exercise of warrants, issuing 5.6 million shares. These funds will also be used for similar corporate purposes.

TD Cowen, Jefferies and Intrepid Partners are handling the placement.

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How To Buy SOC Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Sable Offshore’s case, it is in the Energy sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, SOC has a 52-week high of $28.67 and a 52-week low of $10.11.