Sable Offshore (NYSE:SOC) Trading Down 5.9% - Here's Why

Key Points

• Sable Offshore shares fell 5.9% to about $4.67, with trading volume roughly 81% below its average daily volume.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average $12 price target, though recent actions ranged from a “Strong Sell” downgrade to a new “Buy” rating.
• The company reported a significant quarterly miss, posting a $0.42 loss per share versus an expected $0.37 profit and revenue of $137.1 million versus the $237.7 million consensus estimate.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares fell 5.9% during trading on Wednesday . The stock traded as low as $4.69 and last traded at $4.6650. 1,479,361 shares changed hands during trading, a decline of 81% from the average daily volume of 7,653,272 shares. The stock had previously closed at $4.96.

Analyst Ratings Changes

SOC has been the topic of several recent research reports. 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. Benchmark restated a "hold" rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Zacks Research cut Sable Offshore from a "hold" rating to a "strong sell" rating in a report on Wednesday, June 3rd. Jefferies Financial Group set a $9.00 target price on Sable Offshore in a research report on Wednesday, August 12th. Finally, Stifel Nicolaus started coverage on Sable Offshore in a research note on Thursday, September 10th. They issued a "buy" rating and a $8.00 price target for the company. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $12.00.

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 stock has a 50-day moving average price of $4.58 and a 200-day moving average price of $9.91. The company has a market capitalization of $904.67 million, a price-to-earnings ratio of -1.43 and a beta of -0.16.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. As a group, analysts forecast that Sable Offshore Corp. will post -2.18 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently made changes to their positions in SOC. NewEdge Advisors LLC raised its position in shares of Sable Offshore by 543.4% in the second quarter. NewEdge Advisors LLC now owns 14,804 shares of the company's stock valued at $46,000 after buying an additional 12,503 shares in the last quarter. IFP Advisors Inc increased its stake 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 acquiring an additional 150,985 shares during the period. Mraz Amerine & Associates Inc. increased its stake 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 acquiring an additional 4,125 shares during the period. Odyssean LLC acquired a new position in Sable Offshore in the 2nd quarter valued at $187,000. Finally, AXQ Capital LP raised its holdings in 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 acquiring an additional 7,552 shares in 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 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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