Sable Offshore (NYSE:SOC) Trading Up 8.6% – Should You Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price was up 8.6% on Wednesday . The stock traded as high as $11.11 and last traded at $10.9610. Approximately 1,435,194 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 8,415,132 shares. The stock had previously closed at $10.09.

Analyst Ratings Changes

SOC has been the topic of a number of analyst reports. Cowen reiterated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Roth Capital restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research note on Monday, December 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $19.60.

Sable Offshore Stock Up 5.5%

The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -3.31 and a beta of 0.40. The company’s fifty day moving average is $6.76 and its 200 day moving average is $17.06.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). On average, equities research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently made changes to their positions in the stock. CWM LLC lifted its stake in Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after acquiring an additional 1,730 shares during the last quarter. KBC Group NV acquired a new stake in Sable Offshore in the 2nd quarter valued at about $46,000. NewEdge Advisors LLC grew its holdings in 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 period. Whittier Trust Co. acquired a new position in Sable Offshore during the third quarter worth approximately $115,000. Finally, MAI Capital Management bought a new stake in Sable Offshore in the second quarter valued at approximately $123,000. 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.