Sable Offshore (NYSE:SOC) Shares Gap Up - Here's Why

Key Points

• Sable Offshore shares opened higher, rising from a prior close of $4.92 to $5.12 before trading near $4.95, with 626,168 shares changing hands.
• Analyst sentiment remains mixed: Stifel Nicolaus initiated coverage with a Buy rating and an $8 price target, while other firms maintain Hold or Sell ratings. The consensus rating is Hold, with an average price target of $12.
• The company 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.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $4.92, but opened at $5.12. Sable Offshore shares last traded at $4.9450, with a volume of 626,168 shares trading hands.

Analyst Upgrades and Downgrades

SOC has been the topic of a number of recent research reports. Stifel Nicolaus assumed coverage on shares of Sable Offshore in a report on Thursday. They issued a "buy" rating and a $8.00 price objective on the stock. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a report on Wednesday, July 8th. Roth Capital reissued a "buy" rating and issued a $11.00 price target on shares of Sable Offshore in a research report on Tuesday, August 11th. Wall Street Zen upgraded Sable Offshore from a "strong sell" rating to a "sell" rating in a research note on Sunday, August 30th. Finally, Zacks Research lowered Sable Offshore from a "hold" rating to a "strong sell" rating in a research report on Wednesday, June 3rd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $12.00.

Sable Offshore Price Performance

The firm has a market capitalization of $956.47 million, a P/E ratio of -1.51 and a beta of -0.16. 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 firm has a 50-day moving average of $4.51 and a 200-day moving average of $10.03.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.79). The business had revenue of $137.13 million during the quarter, compared to analyst estimates of $237.65 million. As a group, analysts predict that Sable Offshore Corp. will post -2.18 EPS for the current year.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp bought a new stake in shares of Sable Offshore in the first quarter worth approximately $29,000. Briaud Financial Planning Inc bought a new position in Sable Offshore during the second quarter valued at approximately $37,000. NewEdge Advisors LLC boosted its holdings in Sable Offshore by 543.4% in the second quarter. NewEdge Advisors LLC now owns 14,804 shares of the company's stock worth $46,000 after purchasing an additional 12,503 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its holdings in Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock worth $47,000 after purchasing an additional 3,790 shares during the last quarter. Finally, KBC Group NV grew its position in Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company's stock worth $52,000 after purchasing an additional 1,026 shares during the period. Institutional investors own 26.19% of the company's stock.

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.

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