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

Sable Offshore Corp. (NYSE:SOC)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $4.78, but opened at $5.16. Sable Offshore shares last traded at $4.9820, with a volume of 1,561,033 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SOC. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Roth Capital reissued a “buy” rating and set a $11.00 price target on shares of Sable Offshore in a research report on Tuesday, August 11th. Jefferies Financial Group set a $9.00 price objective on shares of Sable Offshore in a research report on Wednesday, August 12th. Wall Street Zen downgraded Sable Offshore from a “sell” rating to a “strong sell” rating in a research note on Saturday. Finally, Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Three equities research 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.com, the stock presently has a consensus rating of “Hold” and an average price target of $13.33.

Sable Offshore Trading Up 0.8%

The business has a fifty day simple moving average of $5.41 and a 200-day simple moving average of $10.35. 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 firm has a market cap of $980.46 million, a price-to-earnings ratio of -1.55 and a beta of -0.15.

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

Institutional Trading of Sable Offshore

Several institutional investors have recently modified their holdings of the business. Encompass Capital Advisors LLC raised its position in Sable Offshore by 60.6% during the 4th 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 during the last quarter. Capital International Investors lifted its holdings in Sable Offshore by 542.6% during the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after buying an additional 9,788,351 shares during the period. Alyeska Investment Group L.P. grew its position in shares of Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after buying an additional 10,400,275 shares during the last quarter. FourWorld Capital Management LLC bought a new stake in shares of Sable Offshore in the 4th quarter valued at about $73,113,000. Finally, Vanguard Group Inc. increased its stake in shares of Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after buying an additional 2,975,712 shares during the period. Institutional investors own 26.19% of the company’s stock.

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.