Sable Offshore Corp. (SOC) – What Are Researchers Thinking About This Stock?

Sable Offshore Corp. (NYSE:SOC) has received a consensus rating of “Moderate Buy” from the nine analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $11.40.

SOC has been the topic of a number of research reports. Roth Capital reduced their target price on shares of Sable Offshore from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Stifel Nicolaus initiated coverage on Sable Offshore in a report on Thursday, September 10th. They issued a “buy” rating and a $8.00 price target for the company. JPMorgan Chase & Co. started coverage on Sable Offshore in a research note on Friday, October 2nd. They issued an “overweight” rating and a $10.00 price objective on the stock. Finally, Jefferies Financial Group set a $9.00 price objective on Sable Offshore in a report on Wednesday, August 12th.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently made changes to their positions in the company. VestGen Advisors LLC bought a new position in Sable Offshore during the 3rd quarter worth about $70,000. Angeles Wealth Management LLC raised its holdings in shares of Sable Offshore by 217.1% in the 3rd quarter. Angeles Wealth Management LLC now owns 36,814 shares of the company’s stock valued at $127,000 after purchasing an additional 25,205 shares in the last quarter. Simplicity Wealth LLC raised its holdings in shares of Sable Offshore by 204.6% in the 3rd quarter. Simplicity Wealth LLC now owns 41,876 shares of the company’s stock valued at $145,000 after purchasing an additional 28,130 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Sable Offshore by 16.0% in the 3rd quarter. IFP Advisors Inc now owns 175,132 shares of the company’s stock worth $606,000 after purchasing an additional 24,146 shares during the period. Finally, Sanders Morris Harris LLC purchased a new stake in shares of Sable Offshore in the 3rd quarter worth approximately $50,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Down 1.4%

SOC stock opened at $3.08 on Friday. Sable Offshore has a 12 month low of $2.88 and a 12 month high of $19.25. The firm’s 50-day moving average is $4.10 and its 200 day moving average is $8.91.

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 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 will post -2.20 EPS for the current year.

About Sable Offshore

Sable Offshore Corp. is an independent energy company focused on developing and operating oil and natural gas assets offshore California. Its principal asset is the Santa Ynez Unit, a mature offshore field in the Santa Barbara Channel that includes offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon processing facility onshore.

The company’s operations are designed to produce and process crude oil, natural gas and associated hydrocarbons from the Santa Ynez Unit.