Sable Offshore (NYSE:SOC) Shares Up 6.8% – Should You Buy?

Sable Offshore Corp. (NYSE:SOC) shot up 6.8% during mid-day trading on Monday . The company traded as high as $5.04 and last traded at $5.0750. 1,303,140 shares traded hands during trading, a decline of 82% from the average session volume of 7,365,236 shares. The stock had previously closed at $4.75.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SOC. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Roth Capital cut 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. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Jefferies Financial Group decreased their price target on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Sable Offshore presently has an average rating of “Hold” and a consensus target price of $15.33.

Sable Offshore Stock Performance

The firm has a market cap of $771.03 million, a price-to-earnings ratio of -1.17 and a beta of -0.15. The business’s 50 day moving average price is $7.01 and its 200-day moving average price is $10.77.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after buying an additional 1,271 shares during the last quarter. NewEdge Advisors LLC raised its position 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 valued at $62,000 after acquiring an additional 650 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Sable Offshore by 29.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock valued at $715,000 after acquiring an additional 7,438 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Sable Offshore by 25.3% during the second quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock worth $490,000 after purchasing an additional 4,500 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in Sable Offshore during the second quarter worth $654,000. 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.