Sable Offshore Corp. (NYSE:SOC) Receives $15.33 Consensus Target Price from Analysts

Shares of Sable Offshore Corp. (NYSE:SOC) have been given a consensus rating of “Hold” by the six analysts that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $13.3333.

SOC has been the subject of a number of analyst reports. Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a research report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $11.00 target price on shares of Sable Offshore in a research report on Tuesday.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of 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 purchasing an additional 1,271 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Sable Offshore by 29.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock valued at $715,000 after buying an additional 7,438 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Sable Offshore by 25.3% in the second quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock valued at $490,000 after buying an additional 4,500 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Sable Offshore in the second quarter valued at $654,000. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Trading Up 3.1%

NYSE:SOC opened at $4.16 on Friday. Sable Offshore has a twelve month low of $2.88 and a twelve month high of $29.78. The company has a quick ratio of 0.06, a current ratio of 0.24 and a debt-to-equity ratio of 1.85. The business has a 50 day moving average price of $6.14 and a two-hundred day moving average price of $10.54. The company has a market cap of $641.37 million, a P/E ratio of -1.26 and a beta of -0.15.

Sable Offshore (NYSE:SOC) last issued its quarterly 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 for the quarter, compared to the consensus estimate of $237.65 million. As a group, analysts expect that Sable Offshore will post -2.18 EPS for the current fiscal year.

Sable Offshore Company Profile

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.