Sable Offshore (NYSE:SOC) Trading 8.6% Higher – What’s Next?

Sable Offshore Corp. (NYSE:SOC) traded up 8.6% on Wednesday . The stock traded as high as $11.11 and last traded at $10.9610. 1,435,194 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 8,415,132 shares. The stock had previously closed at $10.09.

Analyst Ratings Changes

SOC has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Cowen restated a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Finally, Roth Capital reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.60.

Sable Offshore Stock Performance

The company has a 50 day moving average price of $7.13 and a 200 day moving average price of $16.91.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). As a group, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

Several large investors have recently modified their holdings of SOC. CWM LLC increased its holdings in Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after buying an additional 1,730 shares during the last quarter. KBC Group NV acquired a new position in shares of Sable Offshore in the 2nd quarter worth approximately $46,000. NewEdge Advisors LLC increased its holdings 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 acquiring an additional 650 shares during the last quarter. MAI Capital Management acquired a new stake in shares of Sable Offshore during the 2nd quarter valued at approximately $123,000. Finally, Whittier Trust Co. acquired a new stake in shares of Sable Offshore during the 3rd quarter valued at approximately $115,000. Institutional investors own 26.19% of the company’s stock.

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.