Sable Offshore (NYSE:SOC) Hits New 52-Week Low – Here’s Why

Sable Offshore Corp. (NYSE:SOC) reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $2.85 and last traded at $2.8750, with a volume of 3,530,745 shares changing hands. The stock had previously closed at $3.06.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SOC shares. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Zacks Research raised Sable Offshore from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Stifel Nicolaus started coverage on shares of Sable Offshore in a report on Thursday, September 10th. They issued a “buy” rating and a $8.00 price objective for the company. Wall Street Zen upgraded Sable Offshore from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 30th. Finally, Jefferies Financial Group set a $9.00 target price on Sable Offshore in a research note on Wednesday, August 12th. Six 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $11.40.

Sable Offshore Stock Down 4.9%

The company has a market capitalization of $525.72 million, a P/E ratio of -0.83 and a beta of -0.13. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18. The stock has a 50-day moving average price of $4.00 and a 200-day moving average price of $8.81.

Sable Offshore (NYSE:SOC) last released its 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 company had revenue of $137.13 million during the quarter, compared to analyst estimates of $237.65 million. On average, research analysts predict that Sable Offshore Corp. will post -2.20 EPS for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors have recently added to or reduced their stakes in SOC. Bank of America Corp DE boosted its stake in Sable Offshore by 224.7% in the 1st quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock worth $21,395,000 after purchasing an additional 896,258 shares during the period. Bank of New York Mellon Corp bought a new position in Sable Offshore during the 2nd quarter worth approximately $1,161,000. IFP Advisors Inc increased its stake in shares of Sable Offshore by 15,098,500.0% during the second quarter. IFP Advisors Inc now owns 150,986 shares of the company’s stock valued at $465,000 after buying an additional 150,985 shares during the period. Tactive Advisors LLC boosted its stake in shares of Sable Offshore by 94.1% during the 2nd quarter. Tactive Advisors LLC now owns 87,849 shares of the company’s stock valued at $271,000 after purchasing an additional 42,579 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Sable Offshore by 135.1% during the first quarter. Janus Henderson Group PLC now owns 56,200 shares of the company’s stock valued at $927,000 after purchasing an additional 32,300 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 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.