Sable Offshore (NYSE:SOC) Shares Gap Up - Time to Buy?

Key Points

• Sable Offshore shares rose 8.9%, opening at $3.78 versus a prior close of $3.67 and recently trading near $3.82.
• Analyst sentiment is mixed: six analysts rate the stock Buy, one Hold, and two Sell, producing an overall “Hold” rating with an average price target of $11.40.
• The company reported a quarterly loss of $0.42 per share and revenue of $137.13 million, both substantially below expectations; analysts project a full-year loss of $2.64 per share.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up before the market opened on Thursday. The stock had previously closed at $3.67, but opened at $3.78. Sable Offshore shares last traded at $3.8150, with a volume of 380,093 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, July 21st. Wall Street Zen raised Sable Offshore from a "strong sell" rating to a "sell" rating in a research report on Sunday, August 30th. Roth Capital lowered their target price on Sable Offshore from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Wednesday, September 30th. Finally, Stifel Nicolaus began coverage on Sable Offshore in a report on Thursday, September 10th. They set a "buy" rating and a $8.00 price target for the company. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Sable Offshore currently has an average rating of "Hold" and an average target price of $11.40.

Sable Offshore Trading Up 8.9%

The firm has a 50-day moving average of $4.44 and a two-hundred day moving average of $8.80. The firm has a market capitalization of $766.71 million, a P/E ratio of -1.20 and a beta of -0.13. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $237.65 million. On average, analysts anticipate that Sable Offshore Corp. will post -2.64 EPS for the current year.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE increased its position in Sable Offshore by 224.7% in the 1st quarter. Bank of America Corp DE now owns 1,295,085 shares of the company's stock valued at $21,395,000 after buying an additional 896,258 shares in the last quarter. Encompass Capital Advisors LLC increased its holdings in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company's stock valued at $121,673,000 after acquiring an additional 5,091,925 shares in the last quarter. Purpose Unlimited Inc. acquired a new position in shares of Sable Offshore during the fourth quarter worth approximately $1,078,000. Bank of New York Mellon Corp bought a new stake in Sable Offshore during the 2nd quarter valued at $1,161,000. Finally, Cobalt Capital Management Inc. raised its holdings in Sable Offshore by 1,200.0% during the fourth quarter. Cobalt Capital Management Inc. now owns 260,000 shares of the company's stock worth $2,345,000 after buying an additional 240,000 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on the development and operation of offshore oil and natural gas assets. Its principal operations are centered on the Santa Ynez Unit in the Santa Barbara Channel, including offshore production platforms, subsea infrastructure, and related onshore processing and transportation facilities.

The company's asset base includes the Hondo, Heritage, and Harmony offshore platforms, as well as the Las Flores Canyon processing facility and associated pipeline infrastructure in Santa Barbara County, California.

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