Wall Street Zen Downgrades Sable Offshore (NYSE:SOC) to Strong Sell

Sable Offshore (NYSE:SOC) was downgraded by analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts have also issued reports on SOC. Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Finally, Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a research report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.33.

Sable Offshore Price Performance

Shares of NYSE SOC opened at $5.11 on Friday. The stock’s 50-day simple moving average is $5.41 and its two-hundred day simple moving average is $10.36. Sable Offshore has a twelve month low of $2.88 and a twelve month high of $29.00. The firm has a market capitalization of $980.46 million, a P/E ratio of -1.55 and a beta of -0.15. 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 issued its quarterly 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 firm had revenue of $137.13 million during the quarter, compared to analysts’ expectations of $237.65 million. As a group, equities analysts anticipate that Sable Offshore will post -2.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after purchasing an additional 1,271 shares during the period. NewEdge Advisors LLC increased its stake in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Sable Offshore by 29.6% during the second quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock valued at $715,000 after purchasing an additional 7,438 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Sable Offshore by 25.3% in the 2nd quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock worth $490,000 after purchasing an additional 4,500 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Sable Offshore in the 2nd quarter worth approximately $654,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.