Sable Offshore (NYSE:SOC) Shares Gap Up – Time to Buy?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped up prior to trading on Friday. The stock had previously closed at $3.29, but opened at $3.51. Sable Offshore shares last traded at $3.6720, with a volume of 1,354,181 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SOC shares. Roth Capital lowered their price target on Sable Offshore from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday. Jefferies Financial Group set a $9.00 price objective on Sable Offshore in a research note on Wednesday, August 12th. Stifel Nicolaus began coverage on Sable Offshore in a report on Thursday, September 10th. They set a “buy” rating and a $8.00 target price for the company. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $11.40.

Sable Offshore Price Performance

The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24. The business’s fifty day simple moving average is $4.51 and its 200 day simple moving average is $9.18. The stock has a market cap of $690.35 million, a price-to-earnings ratio of -1.10 and a beta of -0.13.

Sable Offshore (NYSE:SOC) last announced its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.79). The firm had revenue of $137.13 million during the quarter, compared to the consensus estimate of $237.65 million. Research analysts predict that Sable Offshore Corp. will post -2.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC boosted its stake in shares of Sable Offshore by 543.4% during the 2nd quarter. NewEdge Advisors LLC now owns 14,804 shares of the company’s stock valued at $46,000 after buying an additional 12,503 shares during the last quarter. IFP Advisors Inc grew its position in shares of Sable Offshore by 15,098,500.0% during the second quarter. IFP Advisors Inc now owns 150,986 shares of the company’s stock worth $465,000 after buying an additional 150,985 shares in the last quarter. Mraz Amerine & Associates Inc. increased its stake in shares of Sable Offshore by 30.3% in the second quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock worth $55,000 after buying an additional 4,125 shares during the last quarter. Odyssean LLC bought a new stake in shares of Sable Offshore in the second quarter worth $187,000. Finally, AXQ Capital LP raised its holdings in Sable Offshore by 25.6% in the second quarter. AXQ Capital LP now owns 37,069 shares of the company’s stock valued at $114,000 after acquiring an additional 7,552 shares in the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore Corp. is an independent energy company focused on the development and production of oil and natural gas from offshore assets in the United States. Its principal operations are centered on the Santa Ynez Unit (SYU), located in federal waters off the coast of California.

The company’s Santa Ynez assets include offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon onshore processing and storage facility. Sable is working to restore and restart production from the system, which has been inactive since a pipeline incident led to the suspension of operations in 2015.

Sable acquired the Santa Ynez assets from ExxonMobil and became a publicly traded company through a business combination with Flame Acquisition Corp.