Sable Offshore (NYSE:SOC) Trading 17.4% Higher – What’s Next?

Shares of Sable Offshore Corp. (NYSE:SOC) shot up 17.4% during mid-day trading on Wednesday . The company traded as high as $4.78 and last traded at $4.6860. 11,875,905 shares were traded during mid-day trading, an increase of 58% from the average daily volume of 7,536,154 shares. The stock had previously closed at $3.99.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SOC. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Jefferies Financial Group set a $9.00 price target on shares of Sable Offshore in a research note on Wednesday, August 12th. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Finally, Wall Street Zen cut shares of Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.33.

Sable Offshore Price Performance

The stock has a fifty day simple moving average of $5.52 and a 200-day simple moving average of $10.39. The company has a market capitalization of $1.00 billion, a PE ratio of -1.59 and a beta of -0.15. 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 released its quarterly earnings data on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The firm had revenue of $137.13 million during the quarter, compared to analyst estimates of $237.65 million. Equities analysts anticipate that Sable Offshore Corp. will post -2.18 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds have recently added to or reduced their stakes in SOC. Alyeska Investment Group L.P. boosted its holdings in shares of Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after buying an additional 10,400,275 shares in the last quarter. Capital International Investors raised its stake in Sable Offshore by 542.6% during the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares in the last quarter. FourWorld Capital Management LLC purchased a new stake in Sable Offshore in the fourth quarter valued at $73,113,000. Encompass Capital Advisors LLC lifted its position in Sable Offshore by 60.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after acquiring an additional 5,091,925 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after acquiring an additional 2,975,712 shares in the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.