Sable Offshore (NYSE:SOC) Shares Gap Up – Time to Buy?

Sable Offshore Corp. (NYSE:SOC) shares gapped up prior to trading on Thursday . The stock had previously closed at $14.70, but opened at $15.71. Sable Offshore shares last traded at $15.6970, with a volume of 851,167 shares.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Jefferies Financial Group increased their price target on shares of Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Monday. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $19.50.

Sable Offshore Trading Up 4.3%

The firm’s fifty day moving average is $11.97 and its 200 day moving average is $11.45. The company has a market cap of $2.26 billion, a PE ratio of -3.66 and a beta of -0.11.

Sable Offshore (NYSE:SOC) last announced its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.20. As a group, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

Hedge funds have recently made changes to their positions in the company. Alyeska Investment Group L.P. boosted its stake in shares of Sable Offshore by 1,504.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after acquiring an additional 10,400,275 shares during the last quarter. Capital International Investors raised its stake in Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after purchasing an additional 9,788,351 shares during the last quarter. FourWorld Capital Management LLC acquired a new position in Sable Offshore in the 4th quarter valued at $73,113,000. Encompass Capital Advisors LLC lifted its holdings in Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after purchasing an additional 5,091,925 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. Institutional investors and hedge funds 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.