Sable Offshore (NYSE:SOC) Shares Gap Up – Time to Buy?

Sable Offshore Corp. (NYSE:SOC) gapped up before the market opened on Monday . The stock had previously closed at $16.83, but opened at $18.07. Sable Offshore shares last traded at $16.93, with a volume of 3,155,534 shares.

Analyst Upgrades and Downgrades

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

Sable Offshore Trading Down 0.1%

The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -4.00 and a beta of 0.43. The firm’s 50-day moving average is $10.33 and its 200 day moving average is $12.00.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.20. The business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. Analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current year.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Cooper Creek Partners Management LLC acquired a new position in shares of Sable Offshore in the 2nd quarter worth approximately $24,465,000. Two Seas Capital LP bought a new position in Sable Offshore during the second quarter worth $9,708,000. Capital Fund Management S.A. lifted its holdings in Sable Offshore by 172.6% in the second quarter. Capital Fund Management S.A. now owns 329,083 shares of the company’s stock valued at $7,233,000 after buying an additional 208,359 shares during the period. HUB Investment Partners LLC bought a new stake in Sable Offshore during the third quarter valued at $1,659,000. Finally, CenterBook Partners LP acquired a new stake in Sable Offshore during the 3rd quarter worth about $2,864,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.