Sable Offshore (NYSE:SOC) Upgraded by Wall Street Zen to Sell Rating

Key Points

• Wall Street Zen upgraded Sable Offshore from “strong sell” to “sell,” while the broader analyst consensus remains “Hold” with a $13.33 price target.
• Sable Offshore reported a quarterly loss of $0.42 per share, missing estimates by $0.79, while revenue of $137.13 million fell well short of the $237.65 million consensus forecast.
• The stock opened at $4.52 and has declined substantially from its 12-month high of $28.07; the company also shows weak liquidity, with a 0.24 current ratio and 1.85 debt-to-equity ratio.

Sable Offshore (NYSE:SOC - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "strong sell" rating to a "sell" rating in a note issued to investors on Sunday.

Several other research analysts have also recently issued reports on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, July 21st. Zacks Research cut shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a research report on Wednesday, June 3rd. Jefferies Financial Group set a $9.00 price target on shares of Sable Offshore in a report on Wednesday, August 12th. Benchmark restated a "hold" rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Roth Capital reaffirmed a "buy" rating and set a $11.00 price objective on shares of Sable Offshore in a research note on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Sable Offshore presently has a consensus rating of "Hold" and a consensus price target of $13.33.

Sable Offshore Price Performance

Shares of NYSE:SOC opened at $4.52 on Friday. The firm has a market capitalization of $867.25 million, a PE ratio of -1.37 and a beta of -0.15. Sable Offshore has a twelve month low of $2.88 and a twelve month high of $28.07. The company has a 50-day moving average price of $4.86 and a two-hundred day moving average price of $10.23. 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 - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.79). The company had revenue of $137.13 million during the quarter, compared to analyst estimates of $237.65 million. Equities analysts forecast that Sable Offshore will post -2.18 EPS for the current year.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the business. Capital International Investors lifted its stake in shares of Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company's stock valued at $104,564,000 after purchasing an additional 9,788,351 shares during the period. Bank of America Corp DE grew its stake in Sable Offshore by 224.7% in the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company's stock worth $21,395,000 after purchasing an additional 896,258 shares during the period. Encompass Capital Advisors LLC raised its holdings 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 worth $121,673,000 after purchasing an additional 5,091,925 shares in the last quarter. Easterly Investment Partners LLC bought a new position in Sable Offshore in the fourth quarter worth $2,093,000. Finally, Purpose Unlimited Inc. purchased a new position in Sable Offshore during the fourth quarter valued at $1,078,000. Institutional investors own 26.19% of the company's stock.

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.

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