Sable Offshore Corp. (NYSE:SOC) Stock Has Consensus Target Price of $11.40 According to Analysts

Key Points

• Analysts hold a Moderate Buy consensus on Sable Offshore, with six buys, two holds and one sell among nine analysts. The average 12-month price target is $11.40.
• SOC opened at $3.04, well below its 52-week high of $19.25, while its latest quarter showed a $0.42-per-share loss and revenue of $137.13 million, both missing analyst expectations.
• Institutional investors own 26.19% of the company, with several firms recently increasing their positions or initiating new stakes.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have been assigned an average rating of "Moderate Buy" from the nine research firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $11.40.

Several research analysts have recently issued reports on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sable Offshore in a research note on Monday. Wall Street Zen upgraded shares of Sable Offshore from a "strong sell" rating to a "sell" rating in a report on Sunday, August 30th. Benchmark reissued a "hold" rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Roth Capital decreased their price objective on shares of Sable Offshore from $11.00 to $10.00 and set a "buy" rating for the company in a report on Wednesday, September 30th. Finally, JPMorgan Chase & Co. started coverage on Sable Offshore in a research report on Friday, October 2nd. They issued an "overweight" rating and a $10.00 price objective on the stock.

Sable Offshore Price Performance

SOC opened at $3.04 on Friday. The firm has a market cap of $582.33 million, a PE ratio of -0.92 and a beta of -0.13. The stock has a 50-day moving average price of $4.17 and a 200-day moving average price of $7.78. Sable Offshore has a 1 year low of $2.88 and a 1 year high of $19.25. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18.

Sable Offshore (NYSE:SOC - Get Free Report) last announced 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 company had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. Sell-side analysts predict that Sable Offshore will post -2.20 earnings per share for the current fiscal year.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc boosted its position in shares of Sable Offshore by 16.0% during the third quarter. IFP Advisors Inc now owns 175,132 shares of the company's stock valued at $606,000 after buying an additional 24,146 shares during the last quarter. Sanders Morris Harris LLC purchased a new position in Sable Offshore in the 3rd quarter worth about $50,000. NewEdge Advisors LLC raised its position in Sable Offshore by 543.4% in the 2nd 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. Mraz Amerine & Associates Inc. lifted its stake in Sable Offshore by 30.3% during the 2nd quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company's stock valued at $55,000 after acquiring an additional 4,125 shares during the period. Finally, Odyssean LLC bought a new position in Sable Offshore during the 2nd quarter valued at about $187,000. Institutional investors own 26.19% of the company's stock.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on developing and operating oil and natural gas assets offshore California. Its principal asset is the Santa Ynez Unit, a mature offshore field in the Santa Barbara Channel that includes offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon processing facility onshore.

The company's operations are designed to produce and process crude oil, natural gas and associated hydrocarbons from the Santa Ynez Unit.

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