Sable Offshore (NYSE:SOC) Shares Gap Up – Still a Buy?

Shares of Sable Offshore Corp. (NYSE:SOC) gapped up prior to trading on Thursday . The stock had previously closed at $10.09, but opened at $11.00. Sable Offshore shares last traded at $12.70, with a volume of 6,815,184 shares traded.

Analyst Upgrades and Downgrades

SOC has been the topic of a number of analyst reports. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a report on Monday, December 29th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Finally, Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Three 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 company. According to MarketBeat.com, Sable Offshore has an average rating of “Hold” and a consensus target price of $17.00.

Sable Offshore Stock Performance

The firm has a fifty day simple moving average of $9.49 and a 200 day simple moving average of $12.73. The company has a market cap of $1.88 billion, a PE ratio of -3.09 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last announced its earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.20. The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. As a group, equities analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC raised its position in shares of Sable Offshore by 1,262.8% in the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after purchasing an additional 1,730 shares in the last quarter. KBC Group NV acquired a new stake in shares of Sable Offshore in the 2nd quarter valued at about $46,000. NewEdge Advisors LLC lifted its position in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in Sable Offshore in the fourth quarter valued at about $37,000. Finally, Aster Capital Management DIFC Ltd raised its stake in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after buying an additional 3,790 shares in the last quarter. Hedge funds and other institutional investors 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.