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

Key Points

• Sable Offshore shares gapped higher, opening at $3.16 versus a prior close of $3.04 and later trading at $3.2650 on volume of 276,907 shares.
• Analyst sentiment is mixed but leans positive: six analysts rate the stock Buy, two Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $11.40.
• 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)'s share price gapped up before the market opened on Friday. The stock had previously closed at $3.04, but opened at $3.16. Sable Offshore shares last traded at $3.2650, with a volume of 276,907 shares trading hands.

Wall Street Analyst Weigh In

SOC has been the topic of several recent research reports. Jefferies Financial Group set a $9.00 price objective on Sable Offshore in a report on Wednesday, August 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a report on Monday. JPMorgan Chase & Co. started coverage on shares of Sable Offshore in a research report on Friday, October 2nd. They issued an "overweight" rating and a $10.00 price target on the stock. Stifel Nicolaus started coverage on shares of Sable Offshore in a research note on Thursday, September 10th. They set a "buy" rating and a $8.00 price target on the stock. Finally, Roth Capital decreased their price target on shares of Sable Offshore from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Wednesday, September 30th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $11.40.

Sable Offshore Stock Performance

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 business has a 50-day simple moving average of $4.17 and a 200-day simple moving average of $7.78. The firm has a market capitalization of $620.70 million, a PE ratio of -0.98 and a beta of -0.13.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.42) earnings per share 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 the consensus estimate of $237.65 million. Equities research analysts expect that Sable Offshore Corp. will post -2.20 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in Sable Offshore by 224.7% in the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company's stock worth $21,395,000 after purchasing an additional 896,258 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore during the second quarter valued at approximately $1,161,000. IFP Advisors Inc boosted its position in shares of Sable Offshore by 15,098,500.0% during the second quarter. IFP Advisors Inc now owns 150,986 shares of the company's stock valued at $465,000 after buying an additional 150,985 shares during the period. Janus Henderson Group PLC grew its stake in shares of Sable Offshore by 135.1% during the first quarter. Janus Henderson Group PLC now owns 56,200 shares of the company's stock valued at $927,000 after buying an additional 32,300 shares during the last quarter. Finally, Tactive Advisors LLC grew its stake in shares of Sable Offshore by 94.1% during the second quarter. Tactive Advisors LLC now owns 87,849 shares of the company's stock valued at $271,000 after buying an additional 42,579 shares during the last quarter. 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.

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.