Sable Offshore (NYSE:SOC) Stock Price Up 4.4% – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price rose 4.4% during mid-day trading on Tuesday . The stock traded as high as $5.07 and last traded at $5.0310. 384,121 shares were traded during trading, a decline of 95% from the average session volume of 7,631,547 shares. The stock had previously closed at $4.82.

Analyst Ratings Changes

SOC has been the topic of several recent research reports. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Jefferies Financial Group set a $9.00 price target on Sable Offshore in a research note on Wednesday, August 12th. Finally, Stifel Nicolaus assumed coverage on Sable Offshore in a report on Thursday, September 10th. They set a “buy” rating and a $8.00 price target on the stock. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $12.00.

Sable Offshore Stock Up 2.0%

The firm has a 50 day moving average of $4.56 and a 200 day moving average of $9.94. The firm has a market cap of $943.04 million, a price-to-earnings ratio of -1.48 and a beta of -0.16. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85.

Sable Offshore (NYSE:SOC) last released its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The company had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. As a group, sell-side analysts predict that Sable Offshore Corp. will post -2.18 earnings per share for the current year.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada boosted its stake in Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after buying an additional 895 shares during the period. KBC Group NV grew its position in Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after buying an additional 1,026 shares in the last quarter. Fifth Third Bancorp bought a new position in Sable Offshore in the 1st quarter worth about $29,000. Mraz Amerine & Associates Inc. increased its stake in Sable Offshore by 30.3% in the 2nd quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock worth $55,000 after acquiring an additional 4,125 shares during the last quarter. Finally, Gamco Investors INC. ET AL raised its holdings in shares of Sable Offshore by 30.8% in the 4th quarter. Gamco Investors INC. ET AL now owns 20,481 shares of the company’s stock valued at $185,000 after acquiring an additional 4,827 shares in the last quarter. 26.19% of the stock is owned by institutional investors.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on the development and production of oil and natural gas from offshore assets in the United States. Its principal operations are centered on the Santa Ynez Unit (SYU), located in federal waters off the coast of California.

The company’s Santa Ynez assets include offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon onshore processing and storage facility. Sable is working to restore and restart production from the system, which has been inactive since a pipeline incident led to the suspension of operations in 2015.

Sable acquired the Santa Ynez assets from ExxonMobil and became a publicly traded company through a business combination with Flame Acquisition Corp.