Sable Offshore (NYSE:SOC) Trading Up 17.3% – Should You Buy?

Sable Offshore Corp. (NYSE:SOC) shares rose 17.3% during trading on Wednesday . The stock traded as high as $19.25 and last traded at $16.9080. Approximately 11,278,874 shares traded hands during mid-day trading, an increase of 59% from the average daily volume of 7,083,601 shares. The stock had previously closed at $14.41.

Wall Street Analyst Weigh In

SOC has been the topic of several recent research reports. Roth Mkm reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Benchmark restated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $28.00 target price on shares of Sable Offshore in a research report on Thursday, March 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.00.

Sable Offshore Price Performance

The business’s fifty day moving average price is $9.91 and its 200-day moving average price is $12.24. The stock has a market capitalization of $2.35 billion, a PE ratio of -3.93 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last announced its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.20. The company had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. On average, analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently bought and sold shares of SOC. Encompass Capital Advisors LLC grew its stake in shares of Sable Offshore by 60.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after acquiring an additional 5,091,925 shares during the last quarter. Capital International Investors raised its position in shares of Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after purchasing an additional 9,788,351 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after purchasing an additional 10,400,275 shares in the last quarter. FourWorld Capital Management LLC purchased a new stake in Sable Offshore during the 4th quarter valued at about $73,113,000. Finally, Vanguard Group Inc. grew its position in Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

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.