Sable Offshore Corp. (NYSE:SOC) Stock Has Consensus Target Price of $12.00

Key Points

• Analysts have a consensus “Hold” rating on Sable Offshore, with four buys, one hold and two sells; the average 12-month price target is $12.00.
• SOC opened at $3.90, well below its $12.00 consensus target, after trading between $2.88 and $20.74 over the past year. The stock’s 50-day and 200-day moving averages are $4.59 and $9.54, respectively.
• Sable Offshore reported a quarterly loss of $0.42 per share and revenue of $137.13 million, missing estimates of $0.37 EPS and $237.65 million in revenue. The company is focused on restarting its inactive Santa Ynez offshore oil and gas assets in California.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) has been given an average rating of "Hold" by the seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $12.00.

Several research analysts have recently issued reports on SOC shares. Zacks Research cut Sable Offshore from a "hold" rating to a "strong sell" rating in a research note on Wednesday, June 3rd. Jefferies Financial Group set a $9.00 target price on Sable Offshore in a research report on Wednesday, August 12th. Roth Capital reiterated a "buy" rating and issued a $11.00 price target on shares of Sable Offshore in a report on Tuesday, August 11th. Wall Street Zen raised shares of Sable Offshore from a "strong sell" rating to a "sell" rating in a research report on Sunday, August 30th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, July 21st.

Sable Offshore Price Performance

Shares of SOC opened at $3.90 on Monday. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18. The company's fifty day moving average price is $4.59 and its 200-day moving average price is $9.54. Sable Offshore has a 1-year low of $2.88 and a 1-year high of $20.74. The firm has a market capitalization of $749.25 million, a PE ratio of -1.19 and a beta of -0.16.

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 company had revenue of $137.13 million during the quarter, compared to the consensus estimate of $237.65 million. On average, equities research analysts predict that Sable Offshore will post -2.18 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC lifted its position in Sable Offshore by 543.4% during the second quarter. NewEdge Advisors LLC now owns 14,804 shares of the company's stock valued at $46,000 after purchasing an additional 12,503 shares during the period. IFP Advisors Inc grew its position in Sable Offshore by 15,098,500.0% during the 2nd 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. grew its position in Sable Offshore by 30.3% during the 2nd 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 purchased a new position in shares of Sable Offshore during the 2nd quarter valued at about $187,000. Finally, AXQ Capital LP lifted its holdings in shares of Sable Offshore by 25.6% in the 2nd quarter. AXQ Capital LP now owns 37,069 shares of the company's stock valued at $114,000 after buying an additional 7,552 shares during the period. Hedge funds and other institutional investors own 26.19% of the company's stock.

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.

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