Sable Offshore (NYSE:SOC) Trading Up 17.4% – Time to Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price was up 17.4% during mid-day trading on Wednesday . The company traded as high as $4.78 and last traded at $4.6860. 11,875,905 shares traded hands during mid-day trading, an increase of 58% from the average daily volume of 7,536,154 shares. The stock had previously closed at $3.99.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a research report on Wednesday, August 12th. Finally, Roth Capital reissued a “buy” rating and issued a $11.00 price target on shares of Sable Offshore in a research note on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Sable Offshore has an average rating of “Hold” and an average price target of $13.33.

Sable Offshore Trading Up 19.6%

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 company has a fifty day simple moving average of $5.80 and a 200-day simple moving average of $10.46. The company has a market capitalization of $915.60 million, a PE ratio of -1.47 and a beta of -0.15.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.79). The company had revenue of $137.13 million for the quarter, compared to analysts’ expectations of $237.65 million. Analysts predict that Sable Offshore Corp. will post -2.18 EPS for the current year.

Institutional Trading of Sable Offshore

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

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.