Sable Offshore (NYSE:SOC) Trading 7.7% Higher – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price traded up 7.7% on Friday . The stock traded as high as $4.77 and last traded at $4.8230. Approximately 1,876,989 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 7,377,476 shares. The stock had previously closed at $4.48.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Jefferies Financial Group cut their price target on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a report on Monday, July 6th. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Finally, Roth Capital reduced their target price on Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Sable Offshore has a consensus rating of “Hold” and an average target price of $15.33.

Sable Offshore Stock Up 17.1%

The company has a market cap of $809.62 million, a price-to-earnings ratio of -1.23 and a beta of -0.08. The stock’s 50-day simple moving average is $7.95 and its 200 day simple moving average is $11.00.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. On average, sell-side analysts expect that Sable Offshore Corp. will post -0.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently modified their holdings of the company. Capital International Investors grew its position in Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after acquiring an additional 9,788,351 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Sable Offshore by 389.3% during the third quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock worth $2,780,000 after purchasing an additional 126,692 shares in the last quarter. Encompass Capital Advisors LLC lifted its position in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after purchasing an additional 5,091,925 shares in the last quarter. Easterly Investment Partners LLC acquired a new stake in shares of Sable Offshore during the fourth quarter worth about $2,093,000. Finally, Purpose Unlimited Inc. purchased a new position in shares of Sable Offshore in the fourth quarter valued at approximately $1,078,000. Hedge funds and other institutional investors 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.