Sable Offshore (NYSE:SOC) Shares Gap Up – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) gapped up prior to trading on Thursday . The stock had previously closed at $14.70, but opened at $15.71. Sable Offshore shares last traded at $15.6970, with a volume of 851,167 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SOC. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Benchmark restated a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, Jefferies Financial Group boosted their price objective on Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $19.50.

Sable Offshore Trading Up 4.3%

The firm’s fifty day simple moving average is $11.97 and its two-hundred day simple moving average is $11.45. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -3.66 and a beta of -0.11.

Sable Offshore (NYSE:SOC) last released its quarterly 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. As a group, analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently modified their holdings of the business. NewEdge Advisors LLC grew its holdings in shares of Sable Offshore by 36.2% during the 1st 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. of Nevada Inc. acquired a new position in Sable Offshore in the fourth quarter valued at about $37,000. Aster Capital Management DIFC Ltd lifted its position 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 buying an additional 3,790 shares during the last quarter. Whittier Trust Co. purchased a new position in Sable Offshore during the third quarter worth about $115,000. Finally, Tower Research Capital LLC TRC boosted its stake in Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock worth $165,000 after buying an additional 2,960 shares during the period. 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.