Sable Offshore (NYSE:SOC) Stock Falls 7.2% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) dropped 7.2% during mid-day trading on Friday. The company traded as low as $3.76 and last traded at $3.6850. Approximately 2,639,652 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 7,665,784 shares. The stock had previously closed at $3.97.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SOC shares. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Stifel Nicolaus started coverage on shares of Sable Offshore in a research note on Thursday, September 10th. They set a “buy” rating and a $8.00 target price for the company. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group set a $9.00 price target on Sable Offshore in a report on Wednesday, August 12th. Finally, Roth Capital reiterated a “buy” rating and issued a $11.00 price objective on shares of Sable Offshore in a report on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $12.00.

Sable Offshore Stock Down 7.2%

The stock has a market cap of $707.04 million, a PE ratio of -1.12 and a beta of -0.16. The business has a 50 day moving average of $4.59 and a 200-day moving average of $9.61. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85.

Sable Offshore (NYSE:SOC) last announced its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.79). The firm had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. Equities research analysts predict that Sable Offshore Corp. will post -2.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently bought and sold shares of the company. Capital International Investors increased its stake in Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after purchasing an additional 9,788,351 shares in the last quarter. Encompass Capital Advisors LLC grew its holdings in Sable Offshore by 60.6% in the fourth 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 during the last quarter. BW Gestao de Investimentos Ltda. purchased a new position in shares of Sable Offshore in the fourth quarter valued at $13,234,000. Bank of America Corp DE increased its position in shares of Sable Offshore by 224.7% in the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock valued at $21,395,000 after buying an additional 896,258 shares in the last quarter. Finally, Aventail Capital Group LP raised its stake in shares of Sable Offshore by 141.3% during the 4th quarter. Aventail Capital Group LP now owns 1,264,639 shares of the company’s stock worth $11,407,000 after buying an additional 740,621 shares during the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Company Profile

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.