Sable Offshore (NYSE:SOC) Stock Price Up 4.4% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) shares were up 4.4% during mid-day trading on Tuesday . The company traded as high as $5.07 and last traded at $5.0310. Approximately 384,121 shares were traded during trading, a decline of 95% from the average daily volume of 7,631,547 shares. The stock had previously closed at $4.82.

Analyst Upgrades and Downgrades

SOC has been the topic of several research analyst reports. Jefferies Financial Group set a $9.00 price objective on shares of Sable Offshore in a research report on Wednesday, August 12th. Roth Capital reiterated a “buy” rating and set a $11.00 target price on shares of Sable Offshore in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Finally, Stifel Nicolaus began coverage on shares of Sable Offshore in a research report on Thursday, September 10th. They set a “buy” rating and a $8.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.00.

Sable Offshore Stock Performance

The company has a 50 day simple moving average of $4.56 and a 200-day simple moving average of $9.94. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18. The stock has a market cap of $943.04 million, a P/E ratio of -1.48 and a beta of -0.16.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital International Investors raised its stake in shares of Sable Offshore by 542.6% during the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Sable Offshore by 224.7% in the 1st quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock worth $21,395,000 after acquiring an additional 896,258 shares during the last quarter. Encompass Capital Advisors LLC boosted its stake in shares of Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after purchasing an additional 5,091,925 shares in the last quarter. Easterly Investment Partners LLC bought a new position in shares of Sable Offshore during the 4th quarter valued at $2,093,000. Finally, Purpose Unlimited Inc. bought a new position in shares of Sable Offshore during the 4th quarter valued at $1,078,000. 26.19% of the stock is currently owned by institutional investors.

About Sable Offshore

Sable Offshore Corp. is an independent energy company focused on the development and production of oil and natural gas from offshore assets in the United States. Its principal operations are centered on the Santa Ynez Unit (SYU), located in federal waters off the coast of California.

The company’s Santa Ynez assets include offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon onshore processing and storage facility. Sable is working to restore and restart production from the system, which has been inactive since a pipeline incident led to the suspension of operations in 2015.

Sable acquired the Santa Ynez assets from ExxonMobil and became a publicly traded company through a business combination with Flame Acquisition Corp.