Sable Offshore (NYSE:SOC) Research Coverage Started at Stifel Nicolaus

Stifel Nicolaus began coverage on shares of Sable Offshore (NYSE:SOC) in a research note published on Thursday. The firm issued a buy rating and a $8.00 price target on the stock.

A number of other brokerages have also weighed in on SOC. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Wall Street Zen upgraded shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 30th. Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a research report on Wednesday, August 12th. Roth Capital reaffirmed a “buy” rating and set a $11.00 price target on shares of Sable Offshore in a research note on Tuesday, August 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Sable Offshore has a consensus rating of “Hold” and an average target price of $12.00.

Sable Offshore Stock Performance

SOC stock opened at $5.17 on Thursday. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85. The business’s fifty day simple moving average is $4.54 and its two-hundred day simple moving average is $9.96. Sable Offshore has a twelve month low of $2.88 and a twelve month high of $24.96. The firm has a market cap of $991.01 million, a price-to-earnings ratio of -1.57 and a beta of -0.16.

Sable Offshore (NYSE:SOC) last released 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 during the quarter, compared to analyst estimates of $237.65 million. Analysts predict that Sable Offshore will post -2.18 earnings per share for the current year.

Institutional Trading of Sable Offshore

Several hedge funds have recently modified their holdings of the company. Fifth Third Bancorp purchased a new position in shares of Sable Offshore in the 1st quarter worth approximately $29,000. Briaud Financial Planning Inc purchased a new stake in Sable Offshore during the second quarter valued at approximately $37,000. NewEdge Advisors LLC lifted its position in Sable Offshore by 543.4% during the second quarter. NewEdge Advisors LLC now owns 14,804 shares of the company’s stock valued at $46,000 after acquiring an additional 12,503 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its stake in Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after acquiring an additional 3,790 shares in the last quarter. Finally, KBC Group NV boosted its stake in Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after acquiring an additional 1,026 shares in the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

Sable Offshore Company Profile

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.