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

Shares of Sable Offshore Corp. (NYSE:SOC) 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 traded.

Analyst Upgrades and Downgrades

SOC has been the subject of a number of research reports. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Wall Street Zen downgraded shares of Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Jefferies Financial Group set a $9.00 price objective on Sable Offshore in a report on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $13.33.

Sable Offshore Stock Performance

The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85. The company has a market cap of $974.70 million, a PE ratio of -1.54 and a beta of -0.15. The firm’s 50-day simple moving average is $5.66 and its two-hundred day simple moving average is $10.42.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The firm had revenue of $137.13 million for the quarter, compared to analysts’ expectations of $237.65 million. As a group, research analysts anticipate that Sable Offshore Corp. will post -2.18 earnings per share for the current fiscal year.

Institutional Trading of Sable Offshore

Several large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after purchasing an additional 1,271 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Sable Offshore by 29.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company’s stock valued at $715,000 after purchasing an additional 7,438 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Sable Offshore by 25.3% during the 2nd quarter. New York State Common Retirement Fund now owns 22,300 shares of the company’s stock worth $490,000 after purchasing an additional 4,500 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of Sable Offshore during the 2nd quarter worth $654,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.