Sable Offshore (NYSE:SOC) Trading 8.5% Higher – Time to Buy?

Sable Offshore Corp. (NYSE:SOC)’s share price rose 8.5% on Tuesday . The company traded as high as $17.48 and last traded at $17.4940. Approximately 2,125,195 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 7,338,476 shares. The stock had previously closed at $16.13.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SOC shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. TD Cowen reiterated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Jefferies Financial Group reaffirmed a “buy” rating and set a $28.00 target price on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Sable Offshore presently has an average rating of “Hold” and an average price target of $19.00.

Sable Offshore Price Performance

The stock has a market cap of $2.50 billion, a PE ratio of -4.14 and a beta of 0.43. The stock’s fifty day moving average is $10.44 and its 200-day moving average is $11.92.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating the consensus estimate of ($0.59) by $0.20. The business had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. On average, sell-side analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Corient Private Wealth LLC purchased a new position in shares of Sable Offshore during the fourth quarter worth $175,000. Alpine Global Management LLC increased its stake in Sable Offshore by 136.7% during the fourth quarter. Alpine Global Management LLC now owns 20,000 shares of the company’s stock worth $180,000 after purchasing an additional 11,550 shares during the period. Invesco Ltd. lifted its position in shares of Sable Offshore by 226.3% during the fourth quarter. Invesco Ltd. now owns 133,874 shares of the company’s stock worth $1,208,000 after purchasing an additional 92,843 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Sable Offshore by 83.9% in the fourth quarter. NewEdge Advisors LLC now owns 42,612 shares of the company’s stock valued at $384,000 after purchasing an additional 19,436 shares during the period. Finally, Yaupon Capital Management LP grew its holdings in shares of Sable Offshore by 365.5% in the fourth quarter. Yaupon Capital Management LP now owns 449,215 shares of the company’s stock valued at $4,052,000 after purchasing an additional 352,715 shares in the last quarter. Hedge funds and other 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.