Sable Offshore (NYSE:SOC) Shares Gap Up – Time to Buy?

Shares of Sable Offshore Corp. (NYSE:SOC) gapped up prior to trading on Monday . The stock had previously closed at $16.83, but opened at $18.07. Sable Offshore shares last traded at $16.93, with a volume of 3,155,534 shares traded.

Analyst Upgrades and Downgrades

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

Sable Offshore Price Performance

The company has a fifty day moving average price of $10.33 and a 200 day moving average price of $12.00. The stock has a market cap of $2.44 billion, a P/E ratio of -4.00 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last issued its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping 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. As a group, sell-side analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

Hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV bought a new stake in Sable Offshore during the 2nd quarter worth approximately $46,000. NewEdge Advisors LLC boosted its position 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 buying an additional 650 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Sable Offshore during the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd grew its holdings in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares in the last quarter. Finally, MAI Capital Management purchased a new stake in Sable Offshore in the 2nd quarter valued at $123,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.