Sable Offshore (NYSE:SOC) Upgraded at Zacks Research

Sable Offshore (NYSE:SOC) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Thursday, Zacks reports.

A number of other brokerages have also recently commented on SOC. Roth Capital lowered their price target on Sable Offshore from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. 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. JPMorgan Chase & Co. started coverage on shares of Sable Offshore in a report on Friday, October 2nd. They set an “overweight” rating and a $10.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $11.40.

Sable Offshore Trading Down 0.4%

NYSE SOC traded down $0.01 on Thursday, reaching $3.31. The company had a trading volume of 5,055,662 shares, compared to its average volume of 7,941,956. The stock’s 50 day moving average is $4.28 and its 200-day moving average is $8.20. The stock has a market cap of $634.71 million, a price-to-earnings ratio of -1.01 and a beta of -0.13. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85. Sable Offshore has a 52 week low of $2.88 and a 52 week high of $19.25.

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 business had revenue of $137.13 million during the quarter, compared to analysts’ expectations of $237.65 million. Equities analysts predict that Sable Offshore will post -2.20 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its position in shares of Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after acquiring an additional 895 shares in the last quarter. KBC Group NV increased its holdings in Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares in the last quarter. Fifth Third Bancorp bought a new position in Sable Offshore during the 1st quarter worth about $29,000. Mraz Amerine & Associates Inc. raised its stake in shares of Sable Offshore by 30.3% in the 2nd quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock valued at $55,000 after purchasing an additional 4,125 shares during the period. Finally, Sunbelt Securities Inc. raised its stake in shares of Sable Offshore by 7.5% in the 1st quarter. Sunbelt Securities Inc. now owns 72,000 shares of the company’s stock valued at $1,189,000 after purchasing an additional 5,000 shares during the period. Institutional investors and hedge funds own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore Corp. is an independent energy company focused on the development and operation of offshore oil and natural gas assets. Its principal operations are centered on the Santa Ynez Unit in the Santa Barbara Channel, including offshore production platforms, subsea infrastructure, and related onshore processing and transportation facilities.

The company’s asset base includes the Hondo, Heritage, and Harmony offshore platforms, as well as the Las Flores Canyon processing facility and associated pipeline infrastructure in Santa Barbara County, California.