Sable Offshore Corp. (NYSE:SOC) Receives Average Rating of "Hold" from Analysts

Key Points

• Analysts rate Sable Offshore “Hold” on average: Of six covering brokers, three recommend buying, one rates it a hold, and two recommend selling. The average 12-month price target is $13.33.
• The stock opened at $4.75, well below its 12-month high of $24.96, with a market capitalization of approximately $910.6 million. Its 50-day and 200-day moving averages are $4.62 and $10.17, respectively.
• Sable Offshore reported a quarterly loss of $0.42 per share and revenue of $137.13 million, missing analyst expectations of $0.37 earnings per share and $237.65 million in revenue. Institutional investors own 26.19% of the company.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have received a consensus recommendation of "Hold" from the six brokerages that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $13.3333.

A number of research analysts recently weighed in on the stock. Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a research note on Wednesday, August 12th. Wall Street Zen upgraded Sable Offshore from a "strong sell" rating to a "sell" rating in a research report on Sunday. Zacks Research lowered Sable Offshore from a "hold" rating to a "strong sell" rating in a research report on Wednesday, June 3rd. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a research report on Tuesday, July 21st.

Sable Offshore Price Performance

NYSE SOC opened at $4.75 on Thursday. Sable Offshore has a 12 month low of $2.88 and a 12 month high of $24.96. The stock has a market cap of $910.62 million, a price-to-earnings ratio of -1.44 and a beta of -0.16. The company's 50 day moving average is $4.62 and its two-hundred day moving average is $10.17. 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 - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. As a group, research analysts anticipate that Sable Offshore will post -2.18 earnings per share for the current year.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital International Investors increased its stake in Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company's stock worth $104,564,000 after buying an additional 9,788,351 shares during the period. Bank of America Corp DE boosted its position in Sable Offshore by 224.7% in the 1st quarter. Bank of America Corp DE now owns 1,295,085 shares of the company's stock valued at $21,395,000 after buying an additional 896,258 shares during the period. Encompass Capital Advisors LLC boosted its position in Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock valued at $121,673,000 after buying an additional 5,091,925 shares during the period. Easterly Investment Partners LLC bought a new position in Sable Offshore in the 4th quarter worth about $2,093,000. Finally, Purpose Unlimited Inc. bought a new position in Sable Offshore in the 4th quarter worth about $1,078,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source