Sable Offshore (NYSE:SOC) Trading Up 7.3% – Here’s Why

Sable Offshore Corp. (NYSE:SOC) shares were up 7.3% during trading on Friday . The company traded as high as $8.89 and last traded at $8.8430. Approximately 597,928 shares were traded during trading, a decline of 92% from the average daily volume of 7,057,662 shares. The stock had previously closed at $8.24.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SOC. Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a report on Monday, December 29th. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Four investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $17.00.

Sable Offshore Stock Performance

The stock’s fifty day moving average price is $8.88 and its 200-day moving average price is $14.85. The firm has a market cap of $1.33 billion, a PE ratio of -2.81 and a beta of 0.41.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). Sell-side analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Institutional Trading of Sable Offshore

Several large investors have recently bought and sold shares of SOC. Capital International Investors boosted its position in shares of Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after buying an additional 9,788,351 shares in the last quarter. Alyeska Investment Group L.P. grew its holdings in Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after buying an additional 10,400,275 shares during the last quarter. Vanguard Group Inc. increased its position in Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after buying an additional 2,975,712 shares in the last quarter. Encompass Capital Advisors LLC lifted its position in shares of Sable Offshore by 83.8% in the second quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock valued at $108,845,000 after acquiring an additional 2,257,069 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Sable Offshore by 20.4% during the fourth quarter. State Street Corp now owns 3,775,884 shares of the company’s stock valued at $34,058,000 after acquiring an additional 639,677 shares during the last quarter. 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.