Analysts Set Sable Offshore Corp. (NYSE:SOC) Price Target at $15.33

Shares of Sable Offshore Corp. (NYSE:SOC) have earned a consensus recommendation of “Hold” from the six ratings firms that are presently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $13.3333.

Several brokerages have commented on SOC. Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Roth Capital reissued a “buy” rating and set a $11.00 target price on shares of Sable Offshore in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Finally, Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th.

Sable Offshore Trading Down 8.3%

NYSE SOC opened at $4.01 on Friday. The company has a market cap of $619.76 million, a P/E ratio of -1.22 and a beta of -0.15. The company has a fifty day simple moving average of $6.30 and a 200 day simple moving average of $10.58. Sable Offshore has a 12-month low of $2.88 and a 12-month high of $29.81.

Sable Offshore (NYSE:SOC) last announced 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 during the quarter, compared to the consensus estimate of $237.65 million. Sell-side analysts predict that Sable Offshore will post -2.18 EPS for the current year.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently made changes to their positions in SOC. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore during the 2nd quarter valued at $1,161,000. Tactive Advisors LLC raised its position in shares of Sable Offshore by 94.1% in the second quarter. Tactive Advisors LLC now owns 87,849 shares of the company’s stock worth $271,000 after buying an additional 42,579 shares in the last quarter. Bank of America Corp DE boosted 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 valued at $21,395,000 after buying an additional 896,258 shares during the period. Janus Henderson Group PLC boosted its stake in Sable Offshore by 135.1% during the first quarter. Janus Henderson Group PLC now owns 56,200 shares of the company’s stock valued at $927,000 after buying an additional 32,300 shares during the period. Finally, Sunbelt Securities Inc. grew its position in Sable Offshore by 7.5% during the first quarter. Sunbelt Securities Inc. now owns 72,000 shares of the company’s stock worth $1,189,000 after buying an additional 5,000 shares in the last quarter. 26.19% of the stock is owned by institutional investors.

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.