Sable Offshore (NYSE:SOC) Reaches New 12-Month Low - What's Next?

Key Points

• Sable Offshore shares fell 6% to an intraday 52-week low of $2.85, with the stock trading well below its 50-day and 200-day moving averages.
• Analyst views are mixed, but the consensus remains a “Moderate Buy” with an average price target of $11.40; JPMorgan set a $10 target and an “overweight” rating.
• The company reported a significant quarterly miss, including a loss of $0.42 per share versus an expected $0.37 profit and revenue of $137.13 million versus $237.65 million expected. Institutional investors own 26.19% of the stock.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $2.85 and last traded at $2.8750, with a volume of 3,530,745 shares. The stock had previously closed at $3.06.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Benchmark reissued a "hold" rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of Sable Offshore from a "strong sell" rating to a "sell" rating in a research note on Sunday, August 30th. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research report on Monday, October 19th. William Blair began coverage on Sable Offshore in a research report on Monday, October 5th. They issued an "outperform" rating on the stock. Finally, JPMorgan Chase & Co. assumed coverage on shares of Sable Offshore in a research note on Friday, October 2nd. They set an "overweight" rating and a $10.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $11.40.

Sable Offshore Trading Down 6.0%

The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24. The company has a market cap of $551.63 million, a PE ratio of -0.87 and a beta of -0.13. The company has a 50 day simple moving average of $4.08 and a two-hundred day simple moving average of $8.88.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data 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. Sell-side analysts forecast that Sable Offshore Corp. will post -2.20 EPS for the current year.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds have recently bought and sold shares of SOC. Royal Bank of Canada raised its stake in shares of Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company's stock valued at $82,000 after buying an additional 895 shares in the last quarter. KBC Group NV grew its stake in shares of Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company's stock valued at $52,000 after purchasing an additional 1,026 shares during the period. Fifth Third Bancorp acquired a new position in shares of Sable Offshore in the 1st quarter worth approximately $29,000. ProShare Advisors LLC raised its holdings in shares of Sable Offshore by 21.0% in the 3rd quarter. ProShare Advisors LLC now owns 21,202 shares of the company's stock worth $73,000 after buying an additional 3,678 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. lifted its position in shares of 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 buying an additional 4,125 shares during the period. 26.19% of the stock is currently owned by institutional investors.

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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