Sable Offshore (NYSE:SOC) Stock Rating Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded Sable Offshore from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $11.40.
• Sable Offshore shares traded at $3.31, near the lower end of their 52-week range of $2.88 to $19.25, with the stock’s 50-day and 200-day moving averages at $4.28 and $8.20, respectively.
• The company reported a quarterly loss of $0.42 per share and revenue of $137.13 million, missing analyst expectations of $0.37 EPS and $237.65 million in revenue.

Sable Offshore (NYSE:SOC - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Thursday, Zacks reports.

Other research analysts have also issued reports about the company. Jefferies Financial Group set a $9.00 price objective on Sable Offshore in a research note on Wednesday, August 12th. 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 target price for the company. Wall Street Zen upgraded shares of Sable Offshore from a "strong sell" rating to a "sell" rating in a research report on Sunday, August 30th. JPMorgan Chase & Co. began coverage on shares of Sable Offshore in a report on Friday, October 2nd. They set an "overweight" rating and a $10.00 price target for the company. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.40.

Sable Offshore Price Performance

NYSE SOC traded down $0.01 during trading on Thursday, reaching $3.31. 5,055,662 shares of the company traded hands, compared to its average volume of 7,941,956. Sable Offshore has a 1-year low of $2.88 and a 1-year high of $19.25. The company has a market cap of $634.71 million, a price-to-earnings ratio of -1.01 and a beta of -0.13. The stock's 50 day moving average price is $4.28 and its two-hundred day moving average price is $8.20. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share (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. As a group, analysts anticipate that Sable Offshore will post -2.20 EPS for the current year.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp bought a new position in Sable Offshore in the 1st quarter valued at $29,000. Briaud Financial Planning Inc acquired a new stake in shares of Sable Offshore during the 2nd quarter worth approximately $37,000. NewEdge Advisors LLC raised its stake in shares of Sable Offshore by 543.4% during the second quarter. NewEdge Advisors LLC now owns 14,804 shares of the company's stock worth $46,000 after buying an additional 12,503 shares during the last quarter. Sanders Morris Harris LLC bought a new stake in shares of Sable Offshore during the third quarter worth approximately $50,000. Finally, KBC Group NV lifted its holdings in Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company's stock valued at $52,000 after buying an additional 1,026 shares during the period. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on the development and operation of offshore oil and natural gas assets. Its principal operations are centered on the Santa Ynez Unit in the Santa Barbara Channel, including offshore production platforms, subsea infrastructure, and related onshore processing and transportation facilities.

The company's asset base includes the Hondo, Heritage, and Harmony offshore platforms, as well as the Las Flores Canyon processing facility and associated pipeline infrastructure in Santa Barbara County, California.

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