Sable Offshore Corp. (NYSE:SOC) Receives Consensus Rating of “Hold” from Brokerages

Sable Offshore Corp. (NYSE:SOC) has received an average recommendation of “Hold” from the six analysts that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $13.3333.

Several brokerages recently commented on SOC. Jefferies Financial Group set a $9.00 price objective on shares of Sable Offshore in a research note on Wednesday, August 12th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Finally, Roth Capital restated a “buy” rating and set a $11.00 price objective on shares of Sable Offshore in a research report on Tuesday, August 11th.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its holdings in Sable Offshore by 242.0% in the second quarter. California State Teachers Retirement System now owns 326,283 shares of the company’s stock valued at $1,005,000 after acquiring an additional 230,884 shares during the last quarter. Odyssean LLC bought a new stake in shares of Sable Offshore in the 2nd quarter valued at $187,000. AXQ Capital LP increased its position in shares of Sable Offshore by 25.6% during the second quarter. AXQ Capital LP now owns 37,069 shares of the company’s stock worth $114,000 after buying an additional 7,552 shares during the period. Briaud Financial Planning Inc bought a new position in Sable Offshore during the second quarter worth $37,000. Finally, Headlands Technologies LLC acquired a new position in Sable Offshore in the second quarter valued at $302,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $4.76 on Thursday. Sable Offshore has a twelve month low of $2.88 and a twelve month high of $24.96. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85. The company has a 50-day simple moving average of $4.46 and a two-hundred day simple moving average of $10.08. The stock has a market capitalization of $913.30 million, a price-to-earnings ratio of -1.45 and a beta of -0.16.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.79). The business had revenue of $137.13 million during the quarter, compared to analysts’ expectations of $237.65 million. Analysts forecast that Sable Offshore will post -2.18 EPS for the current year.

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.