Sable Offshore Corp. (NYSE:SOC) Short Interest Up 22.5% in December

Sable Offshore Corp. (NYSE:SOC) was the recipient of a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 34,235,537 shares, a growth of 22.5% from the December 15th total of 27,957,705 shares. Based on an average daily volume of 16,229,677 shares, the days-to-cover ratio is currently 2.1 days. Approximately 37.1% of the company’s shares are sold short. Approximately 37.1% of the company’s shares are sold short. Based on an average daily volume of 16,229,677 shares, the days-to-cover ratio is currently 2.1 days.

Analysts Set New Price Targets

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

Sable Offshore Stock Up 0.3%

Sable Offshore stock traded up $0.04 during trading on Monday, hitting $11.62. The company had a trading volume of 5,484,370 shares, compared to its average volume of 9,468,954. Sable Offshore has a 1-year low of $3.72 and a 1-year high of $35.00. The company’s 50 day simple moving average is $7.24 and its 200-day simple moving average is $16.75.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Research analysts expect that Sable Offshore will post -6.39 earnings per share for the current year.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC boosted its stake in shares of 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 purchasing an additional 1,730 shares during the period. KBC Group NV acquired a new stake in Sable Offshore during the 2nd quarter worth approximately $46,000. NewEdge Advisors LLC lifted its holdings in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after buying an additional 650 shares in the last quarter. Whittier Trust Co. purchased a new position in Sable Offshore in the 3rd quarter valued at approximately $115,000. Finally, MAI Capital Management acquired a new position in shares of Sable Offshore in the second quarter worth $123,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.