Sable Offshore (NYSE:SOC) Stock Price Up 5% – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price traded up 5% on Friday . The stock traded as high as $13.31 and last traded at $13.0250. 664,752 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 7,601,931 shares. The stock had previously closed at $12.40.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. TD Cowen restated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Finally, Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Four analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Sable Offshore presently has a consensus rating of “Hold” and an average price target of $17.00.

Sable Offshore Trading Down 1.3%

The firm’s 50-day simple moving average is $7.56 and its 200 day simple moving average is $16.60. The stock has a market cap of $1.77 billion, a P/E ratio of -3.75 and a beta of 0.40.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). On average, analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors have recently made changes to their positions in the business. Cooper Creek Partners Management LLC bought a new stake in shares of Sable Offshore during the second quarter worth about $24,465,000. Two Seas Capital LP acquired a new position in Sable Offshore during the 2nd quarter worth approximately $9,708,000. Capital Fund Management S.A. grew its position in Sable Offshore by 172.6% in the 2nd quarter. Capital Fund Management S.A. now owns 329,083 shares of the company’s stock valued at $7,233,000 after purchasing an additional 208,359 shares during the period. Emerald Mutual Fund Advisers Trust increased its position in shares of Sable Offshore by 102.1% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 351,887 shares of the company’s stock worth $7,734,000 after acquiring an additional 177,733 shares in the last quarter. Finally, Emerald Advisers LLC lifted its holdings in shares of Sable Offshore by 110.2% in the second quarter. Emerald Advisers LLC now owns 611,613 shares of the company’s stock valued at $13,443,000 after purchasing an additional 320,589 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors.

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.