Sable Offshore Corp. (NYSE:SOC) Given Average Rating of “Hold” by Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC) have been given a consensus rating of “Hold” by the six brokerages that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $13.3333.

Several analysts recently issued reports on the company. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Roth Capital reiterated a “buy” rating and issued a $11.00 target price on shares of Sable Offshore in a research report on Tuesday, August 11th. Jefferies Financial Group set a $9.00 price target on Sable Offshore in a research note on Wednesday, August 12th. Finally, Wall Street Zen upgraded Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Sunday, August 30th.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp bought a new stake in Sable Offshore during the first quarter worth approximately $29,000. Briaud Financial Planning Inc bought a new stake in Sable Offshore in the second quarter worth $37,000. NewEdge Advisors LLC lifted its position in Sable Offshore by 543.4% in the second quarter. NewEdge Advisors LLC now owns 14,804 shares of the company’s stock worth $46,000 after buying an additional 12,503 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its stake in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares during the period. Finally, KBC Group NV boosted its stake in Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after buying an additional 1,026 shares during the period. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Up 2.0%

SOC opened at $4.95 on Thursday. The stock has a market capitalization of $948.80 million, a price-to-earnings ratio of -1.50 and a beta of -0.16. The firm has a 50 day moving average price of $4.51 and a 200-day moving average price of $10.03. Sable Offshore has a twelve month low of $2.88 and a twelve month high of $24.96. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85.

Sable Offshore (NYSE:SOC) last issued its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share (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 the consensus estimate of $237.65 million. Equities research analysts forecast that Sable Offshore will post -2.18 earnings per share for the current year.

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.