Zacks Research Upgrades Sable Offshore (NYSE:SOC) to Hold

Sable Offshore (NYSE:SOC) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks reports.

SOC has been the topic of several other reports. Roth Capital reduced their target price on Sable Offshore from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, September 30th. William Blair assumed coverage on Sable Offshore in a research report on Monday, October 5th. They set an “outperform” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. JPMorgan Chase & Co. assumed coverage on shares of Sable Offshore in a report on Friday, October 2nd. They issued an “overweight” rating and a $10.00 target price for the company. Finally, Stifel Nicolaus initiated coverage on shares of Sable Offshore in a research report on Thursday, September 10th. They issued a “buy” rating and a $8.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.40.

Sable Offshore Price Performance

SOC traded down $0.01 during trading on Thursday, hitting $3.31. 5,055,662 shares of the company traded hands, compared to its average volume of 7,941,956. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85. The company has a market cap of $634.71 million, a PE ratio of -1.01 and a beta of -0.13. The stock’s 50-day simple moving average is $4.28 and its two-hundred day simple moving average is $8.20. Sable Offshore has a 1 year low of $2.88 and a 1 year high of $19.25.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.79). The business had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. As a group, sell-side analysts anticipate that Sable Offshore will post -2.20 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently made changes to their positions in the company. Bank of America Corp DE grew its stake in shares of Sable Offshore by 224.7% during the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock valued at $21,395,000 after buying an additional 896,258 shares during the last quarter. Purpose Unlimited Inc. bought a new position in Sable Offshore during the 4th quarter worth about $1,078,000. Bank of New York Mellon Corp purchased a new position in Sable Offshore during the second quarter valued at approximately $1,161,000. IFP Advisors Inc lifted its stake in shares of Sable Offshore by 15,098,500.0% during the 2nd quarter. IFP Advisors Inc now owns 150,986 shares of the company’s stock worth $465,000 after purchasing an additional 150,985 shares during the last quarter. Finally, Evercore Wealth Management LLC raised its holdings in Sable Offshore by 31.7% in the first quarter. Evercore Wealth Management LLC now owns 20,750 shares of the company’s stock worth $343,000 after purchasing an additional 5,000 shares in the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

About Sable Offshore

Sable Offshore Corp. is an independent energy company focused on the development and operation of offshore oil and natural gas assets. Its principal operations are centered on the Santa Ynez Unit in the Santa Barbara Channel, including offshore production platforms, subsea infrastructure, and related onshore processing and transportation facilities.

The company’s asset base includes the Hondo, Heritage, and Harmony offshore platforms, as well as the Las Flores Canyon processing facility and associated pipeline infrastructure in Santa Barbara County, California.