Sable Offshore (NYSE:SOC) Trading Up 8.5% – Still a Buy?

Sable Offshore Corp. (NYSE:SOC)’s share price traded up 8.5% on Tuesday . The stock traded as high as $17.48 and last traded at $17.4940. 2,125,195 shares traded hands during trading, a decline of 71% from the average session volume of 7,338,476 shares. The stock had previously closed at $16.13.

Analysts Set New Price Targets

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

Sable Offshore Trading Down 2.2%

The stock has a market cap of $2.44 billion, a PE ratio of -4.01 and a beta of 0.43. The business has a 50-day moving average price of $10.75 and a 200 day moving average price of $11.89.

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

Institutional Investors Weigh In On Sable Offshore

Several institutional investors have recently made changes to their positions in SOC. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Sable Offshore in the fourth quarter valued at $37,000. KBC Group NV purchased a new stake in Sable Offshore during the 2nd quarter worth about $46,000. Aster Capital Management DIFC Ltd boosted its stake in Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares during the period. NewEdge Advisors LLC boosted its stake in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the period. Finally, Williams Jones Wealth Management LLC. purchased a new position in Sable Offshore during the 4th quarter valued at about $90,000. 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.