Sable Offshore Corp. $SOC Position Cut by CenterBook Partners LP

CenterBook Partners LP decreased its holdings in Sable Offshore Corp. (NYSE:SOC) by 29.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 913,094 shares of the company’s stock after selling 384,788 shares during the quarter. CenterBook Partners LP’s holdings in Sable Offshore were worth $3,159,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fifth Third Bancorp purchased a new stake in shares of Sable Offshore during the 1st quarter worth $29,000. Briaud Financial Planning Inc acquired a new stake in shares of Sable Offshore in the second quarter valued at about $37,000. NewEdge Advisors LLC lifted its stake in shares of Sable Offshore by 543.4% in the second quarter. NewEdge Advisors LLC now owns 14,804 shares of the company’s stock valued at $46,000 after purchasing an additional 12,503 shares during the period. Sanders Morris Harris LLC purchased a new stake in Sable Offshore during the third quarter worth about $50,000. Finally, KBC Group NV boosted its holdings in Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after buying an additional 1,026 shares in the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Trading Up 5.8%

Shares of SOC stock opened at $1.93 on Friday. The stock has a market cap of $369.35 million, a P/E ratio of -0.59 and a beta of -0.09. 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 Corp. has a fifty-two week low of $1.77 and a fifty-two week high of $19.25. The business has a fifty day simple moving average of $3.73 and a 200-day simple moving average of $8.58.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.79). The company had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. On average, analysts forecast that Sable Offshore Corp. will post -2.20 earnings per share for the current fiscal year.

Analyst Ratings Changes

SOC has been the topic of several recent analyst reports. Stifel Nicolaus initiated coverage on shares of Sable Offshore in a research report on Thursday, September 10th. They set a “buy” rating and a $8.00 target price on the stock. JPMorgan Chase & Co. began coverage on shares of Sable Offshore in a report on Friday, October 2nd. They issued an “overweight” rating and a $10.00 target price for the company. Zacks Research upgraded shares of Sable Offshore from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Monday, October 19th. Finally, Roth Capital decreased their price target on Sable Offshore from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.40.

Sable Offshore Profile

Sable Offshore Corp. is an independent energy company focused on developing and operating oil and natural gas assets offshore California. Its principal asset is the Santa Ynez Unit, a mature offshore field in the Santa Barbara Channel that includes offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon processing facility onshore.

The company’s operations are designed to produce and process crude oil, natural gas and associated hydrocarbons from the Santa Ynez Unit.