Sable Offshore (NYSE:SOC) Shares Gap Up – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s share price gapped up prior to trading on Thursday. The stock had previously closed at $3.67, but opened at $3.78. Sable Offshore shares last traded at $3.8150, with a volume of 380,093 shares trading hands.

Analyst Upgrades and Downgrades

SOC has been the subject of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Jefferies Financial Group set a $9.00 target price on Sable Offshore in a research report on Wednesday, August 12th. William Blair started coverage on Sable Offshore in a research note on Monday. They issued an “outperform” rating on the stock. JPMorgan Chase & Co. assumed coverage on Sable Offshore in a research report on Friday, October 2nd. They set an “overweight” rating and a $10.00 price target for the company. Finally, Stifel Nicolaus initiated coverage on Sable Offshore in a research note on Thursday, September 10th. They issued a “buy” rating and a $8.00 price objective for the company. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Sable Offshore has an average rating of “Hold” and an average target price of $11.40.

Sable Offshore Stock Performance

The company has a market cap of $716.06 million, a price-to-earnings ratio of -1.13 and a beta of -0.13. 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 stock’s fifty day simple moving average is $4.40 and its 200 day simple moving average is $8.68.

Sable Offshore (NYSE:SOC) last issued its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.79). The firm had revenue of $137.13 million during the quarter, compared to analyst estimates of $237.65 million. As a group, analysts anticipate that Sable Offshore Corp. will post -2.64 earnings per share for the current year.

Institutional Trading of Sable Offshore

Large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised 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 worth $82,000 after purchasing an additional 895 shares during the period. KBC Group NV boosted its holdings in Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after purchasing an additional 1,026 shares during the last quarter. Fifth Third Bancorp purchased a new stake in shares of Sable Offshore in the 1st quarter valued at approximately $29,000. Mraz Amerine & Associates Inc. increased its holdings in shares of Sable Offshore by 30.3% during the 2nd quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock worth $55,000 after buying an additional 4,125 shares during the last quarter. Finally, Evercore Wealth Management LLC increased its holdings in shares of Sable Offshore by 31.7% during the 1st quarter. Evercore Wealth Management LLC now owns 20,750 shares of the company’s stock worth $343,000 after buying an additional 5,000 shares during the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Company Profile

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.