Sable Offshore (NYSE:SOC) Upgraded by Wall Street Zen to Sell Rating

Wall Street Zen upgraded shares of Sable Offshore (NYSE:SOC) from a strong sell rating to a sell rating in a research note issued to investors on Sunday morning.

SOC has been the subject of a number of other reports. Jefferies Financial Group set a $9.00 price objective on Sable Offshore in a report on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Roth Capital reissued a “buy” rating and set a $11.00 price target on shares of Sable Offshore in a research report on Tuesday, August 11th. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Finally, Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Three investment 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.com, the stock currently has an average rating of “Hold” and an average target price of $13.33.

Sable Offshore Price Performance

Sable Offshore stock opened at $4.52 on Friday. Sable Offshore has a 1 year low of $2.88 and a 1 year high of $28.07. The firm has a 50 day moving average price of $4.86 and a 200 day moving average price of $10.24. The company has a market cap of $867.25 million, a price-to-earnings ratio of -1.37 and a beta of -0.15. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SOC. California State Teachers Retirement System boosted its stake in shares of Sable Offshore by 242.0% in the second quarter. California State Teachers Retirement System now owns 326,283 shares of the company’s stock valued at $1,005,000 after purchasing an additional 230,884 shares during the period. Odyssean LLC purchased a new stake in Sable Offshore during the 2nd quarter worth $187,000. AXQ Capital LP lifted its holdings in Sable Offshore by 25.6% in the 2nd quarter. AXQ Capital LP now owns 37,069 shares of the company’s stock worth $114,000 after buying an additional 7,552 shares in the last quarter. Briaud Financial Planning Inc acquired a new position in Sable Offshore in the 2nd quarter worth $37,000. Finally, Headlands Technologies LLC purchased a new position in Sable Offshore in the 2nd quarter valued at about $302,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.