Sable Offshore (NYSE:SOC) Trading Up 4.4% – Here’s Why

Shares of Sable Offshore Corp. (NYSE:SOC) were up 4.4% during trading on Tuesday . The company traded as high as $5.07 and last traded at $5.0310. 384,121 shares changed hands during trading, a decline of 95% from the average session volume of 7,631,547 shares. The stock had previously closed at $4.82.

Analyst Ratings Changes

SOC has been the topic of several recent analyst reports. Roth Capital reiterated a “buy” rating and issued a $11.00 target price on shares of Sable Offshore in a report on Tuesday, August 11th. Stifel Nicolaus started coverage on shares of Sable Offshore in a research report on Thursday, September 10th. They set a “buy” rating and a $8.00 price target on the stock. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Finally, Jefferies Financial Group set a $9.00 target price on Sable Offshore in a research note on Wednesday, August 12th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.00.

Sable Offshore Trading Down 7.9%

The firm has a market capitalization of $876.08 million, a price-to-earnings ratio of -1.39 and a beta of -0.16. The business’s 50-day simple moving average is $4.59 and its two-hundred day simple moving average is $9.89. 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) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.79). The firm had revenue of $137.13 million for the quarter, compared to analysts’ expectations of $237.65 million. Equities analysts forecast that Sable Offshore Corp. will post -2.18 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC boosted its holdings in Sable Offshore by 543.4% during the 2nd quarter. NewEdge Advisors LLC now owns 14,804 shares of the company’s stock valued at $46,000 after acquiring an additional 12,503 shares during the period. IFP Advisors Inc increased its stake in Sable Offshore by 15,098,500.0% during the second quarter. IFP Advisors Inc now owns 150,986 shares of the company’s stock worth $465,000 after purchasing an additional 150,985 shares during the period. Mraz Amerine & Associates Inc. increased its stake in Sable Offshore by 30.3% during the second quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock worth $55,000 after purchasing an additional 4,125 shares during the period. Odyssean LLC acquired a new stake in shares of Sable Offshore during the second quarter worth about $187,000. Finally, AXQ Capital LP lifted its position in shares of Sable Offshore by 25.6% during the second quarter. AXQ Capital LP now owns 37,069 shares of the company’s stock worth $114,000 after purchasing an additional 7,552 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 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.