Sable Offshore Corp. (NYSE:SOC) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Analysts have a consensus “Hold” rating on Sable Offshore, with two sell, one hold and three buy recommendations. The average 12-month price target is $15.33, well above the stock’s reported price of $4.75.
• Recent analyst actions were mixed but included significant target-price cuts: Roth Capital lowered its target to $15 from $22, while Jefferies reduced its target to $11 from $24; Wall Street Zen and Zacks Research downgraded the stock.
• Sable Offshore reported a quarterly EPS loss of $1.37 versus the expected $0.52 loss, while revenue of $1.27 million fell far short of the $16.10 million consensus estimate. The stock has declined sharply, trading between $2.88 and $29.86 over the past year.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have been given a consensus recommendation of "Hold" by the six analysts that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $15.3333.

Several analysts recently weighed in on SOC shares. Benchmark reissued a "hold" rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Roth Capital lowered their target price on Sable Offshore from $22.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, July 1st. Jefferies Financial Group cut their target price on Sable Offshore from $24.00 to $11.00 and set a "buy" rating on the stock in a report on Monday, July 6th. Wall Street Zen lowered Sable Offshore from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Finally, Zacks Research cut Sable Offshore from a "hold" rating to a "strong sell" rating in a research note on Wednesday, June 3rd.

Institutional Trading of Sable Offshore

Institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock valued at $761,000 after purchasing an additional 1,271 shares during the period. NewEdge Advisors LLC lifted its position in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after purchasing an additional 650 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Sable Offshore by 29.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company's stock worth $715,000 after purchasing an additional 7,438 shares during the period. New York State Common Retirement Fund boosted its stake in shares of Sable Offshore by 25.3% in the 2nd quarter. New York State Common Retirement Fund now owns 22,300 shares of the company's stock valued at $490,000 after purchasing an additional 4,500 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Sable Offshore in the 2nd quarter valued at $654,000. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Price Performance

SOC opened at $4.75 on Friday. Sable Offshore has a fifty-two week low of $2.88 and a fifty-two week high of $29.86. The firm has a market capitalization of $733.83 million, a price-to-earnings ratio of -1.11 and a beta of -0.15. The company's 50 day moving average price is $7.01 and its two-hundred day moving average price is $10.78.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million for the quarter, compared to analysts' expectations of $16.10 million. As a group, equities research analysts predict that Sable Offshore will post -0.36 EPS for the current year.

Sable Offshore Company Profile

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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