Sable Offshore (NYSE:SOC) Cut to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Sable Offshore from “sell” to “strong sell,” adding to mixed analyst sentiment. The stock carries a consensus “hold” rating and an average price target of $13.33.
• Sable Offshore shares opened at $5.11, well below their 200-day moving average of $10.35, with a 12-month range of $2.88 to $29.00 and a market capitalization of approximately $980 million.
• The company reported a quarterly loss of $0.42 per share, missing the $0.37 consensus estimate, while revenue of $137.13 million fell short of expectations of $237.65 million.

Sable Offshore (NYSE:SOC - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued on Saturday.

Several other research firms have also recently issued reports on SOC. Roth Capital reissued a "buy" rating and issued a $11.00 price target on shares of Sable Offshore in a research note on Tuesday, August 11th. Zacks Research cut shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a research note on Wednesday, June 3rd. Jefferies Financial Group set a $9.00 price objective on shares of Sable Offshore in a report on Wednesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Finally, Benchmark reissued a "hold" rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $13.33.

Sable Offshore Stock Performance

Shares of NYSE SOC opened at $5.11 on Friday. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85. The stock has a 50 day simple moving average of $5.41 and a 200-day simple moving average of $10.35. The company has a market cap of $980.46 million, a PE ratio of -1.55 and a beta of -0.15. Sable Offshore has a 12-month low of $2.88 and a 12-month high of $29.00.

Sable Offshore (NYSE:SOC - Get Free Report) last posted 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 company had revenue of $137.13 million during the quarter, compared to analysts' expectations of $237.65 million. On average, equities research analysts forecast that Sable Offshore will post -2.18 EPS for the current year.

Hedge Funds Weigh In On Sable Offshore

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp bought a new stake in shares of Sable Offshore in the 1st quarter worth $29,000. Briaud Financial Planning Inc acquired a new stake in shares of Sable Offshore in the second quarter valued at $37,000. Aster Capital Management DIFC Ltd boosted its stake in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock valued at $47,000 after buying an additional 3,790 shares in the last quarter. KBC Group NV boosted its stake in Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company's stock valued at $52,000 after buying an additional 1,026 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after acquiring an additional 650 shares during the period. 26.19% of the stock is owned by institutional investors.

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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