Sable Offshore Corp. (NYSE:SOC) Stock Rated “Hold” by Wall Street Analysts

Shares of Sable Offshore Corp. (NYSE:SOC) have been given an average recommendation of “Hold” by the eight analysts that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $11.40.

Several brokerages have commented on SOC. JPMorgan Chase & Co. started coverage on shares of Sable Offshore in a research report on Friday. They set an “overweight” rating and a $10.00 price objective for the company. Stifel Nicolaus initiated coverage on shares of Sable Offshore in a research report on Thursday, September 10th. They set a “buy” rating and a $8.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Finally, Roth Capital reduced their target price on shares of Sable Offshore from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday.

Sable Offshore Stock Up 6.8%

Shares of NYSE SOC opened at $3.52 on Monday. The stock has a market capitalization of $674.42 million, a P/E ratio of -1.07 and a beta of -0.13. The stock’s fifty day moving average is $4.49 and its 200 day moving average is $9.14. Sable Offshore has a 52 week low of $2.88 and a 52 week high of $20.74. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The business had revenue of $137.13 million for the quarter, compared to analysts’ expectations of $237.65 million. Sell-side analysts forecast that Sable Offshore will post -2.64 earnings per share for the current fiscal year.

Institutional Trading of Sable Offshore

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOC. Capital International Investors increased its position in shares of Sable Offshore by 542.6% during the fourth 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. Bank of America Corp DE grew its stake in Sable Offshore by 224.7% during the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock worth $21,395,000 after purchasing an additional 896,258 shares during the period. Encompass Capital Advisors LLC increased its holdings in Sable Offshore by 60.6% in the fourth 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 in the last quarter. Easterly Investment Partners LLC bought a new stake in Sable Offshore in the fourth quarter worth approximately $2,093,000. Finally, Purpose Unlimited Inc. acquired a new position in Sable Offshore in the fourth quarter valued at approximately $1,078,000. 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 operation of offshore oil and natural gas assets. Its principal operations are centered on the Santa Ynez Unit in the Santa Barbara Channel, including offshore production platforms, subsea infrastructure, and related onshore processing and transportation facilities.

The company’s asset base includes the Hondo, Heritage, and Harmony offshore platforms, as well as the Las Flores Canyon processing facility and associated pipeline infrastructure in Santa Barbara County, California.