Sable Offshore (NYSE:SOC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Sable Offshore (NYSE:SOC) from a strong sell rating to a sell rating in a research note issued to investors on Sunday,Wall Street Zen reports.

SOC has been the subject of a number of other reports. Jefferies Financial Group set a $9.00 price target on Sable Offshore in a research note on Wednesday, August 12th. Roth Capital reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Sable Offshore in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. 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 company’s stock. According to data from MarketBeat.com, Sable Offshore presently has an average rating of “Hold” and an average price target of $13.33.

Sable Offshore Stock Down 0.6%

Shares of SOC stock opened at $4.80 on Friday. The company’s fifty day simple moving average is $4.68 and its two-hundred day simple moving average is $10.19. Sable Offshore has a 52 week low of $2.88 and a 52 week high of $26.36. The stock has a market cap of $920.98 million, a P/E ratio of -1.46 and a beta of -0.15. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share 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 analysts’ expectations of $237.65 million. Analysts predict that Sable Offshore will post -2.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC raised its position in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the period. Royal Bank of Canada boosted its holdings in shares of Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after purchasing an additional 895 shares during the period. KBC Group NV boosted its holdings in shares of Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sable Offshore by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after purchasing an additional 1,271 shares during the period. Finally, Fifth Third Bancorp bought a new position in shares of Sable Offshore during the 1st quarter valued at approximately $29,000. 26.19% of the stock is owned by 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.