Sable Offshore Corp. (NYSE:SOC) Stock Has Average Price Target of $12.00 According to Analysts

Sable Offshore Corp. (NYSE:SOC) has been given an average rating of “Hold” by the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $11.75.

Several research firms have recently weighed in on SOC. Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Sunday, August 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Stifel Nicolaus began coverage on shares of Sable Offshore in a research note on Thursday, September 10th. They set a “buy” rating and a $8.00 target price for the company. Jefferies Financial Group set a $9.00 price target on Sable Offshore in a report on Wednesday, August 12th. Finally, Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd.

Sable Offshore Trading Up 1.4%

Sable Offshore stock opened at $3.45 on Monday. Sable Offshore has a 12 month low of $2.88 and a 12 month high of $20.74. The company has a market capitalization of $661.76 million, a price-to-earnings ratio of -1.05 and a beta of -0.16. The business’s fifty day simple moving average is $4.54 and its two-hundred day simple moving average is $9.27. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85.

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

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently bought and sold shares of SOC. Fifth Third Bancorp bought a new position in shares of Sable Offshore during the 1st quarter valued at approximately $29,000. Briaud Financial Planning Inc bought a new stake in Sable Offshore during the 2nd quarter worth approximately $37,000. NewEdge Advisors LLC raised its stake in Sable Offshore by 543.4% during the 2nd quarter. NewEdge Advisors LLC now owns 14,804 shares of the company’s stock worth $46,000 after acquiring an additional 12,503 shares during the period. KBC Group NV raised its stake in Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after acquiring an additional 1,026 shares during the period. Finally, Mraz Amerine & Associates Inc. lifted its holdings in Sable Offshore by 30.3% during the second quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock valued at $55,000 after purchasing an additional 4,125 shares in the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on the development and production of oil and natural gas from offshore assets in the United States. Its principal operations are centered on the Santa Ynez Unit (SYU), located in federal waters off the coast of California.

The company’s Santa Ynez assets include offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon onshore processing and storage facility. Sable is working to restore and restart production from the system, which has been inactive since a pipeline incident led to the suspension of operations in 2015.

Sable acquired the Santa Ynez assets from ExxonMobil and became a publicly traded company through a business combination with Flame Acquisition Corp.