Sable Offshore (NYSE:SOC) Given "Hold" Rating at Benchmark

Key Points

• Benchmark reiterated a "Hold" on Sable Offshore; the analyst consensus is currently a Hold with an average price target of $17.00 (3 Buys, 1 Hold, 2 Sells).
• SOC shares surged about 25.9% to $12.70 after the company reported Q4 EPS of ($0.39) beating estimates and revenue of $1.0M versus $0.5M expected.
• Several large institutions materially increased positions in Q4—Alyeska, Capital International, Encompass and Vanguard among them—leaving institutional ownership at roughly 26.2%.

Sable Offshore (NYSE:SOC - Get Free Report)'s stock had its "hold" rating reiterated by research analysts at Benchmark in a research note issued on Thursday, MarketBeat.com reports.

A number of other brokerages have also issued reports on SOC. Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a report on Monday, December 29th. TD Cowen reissued a "buy" rating on shares of Sable Offshore in a research report on Thursday, December 18th. Finally, Roth Mkm reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Three 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. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $17.00.

Sable Offshore Trading Up 25.9%

NYSE:SOC traded up $2.61 on Thursday, hitting $12.70. 6,815,184 shares of the company's stock traded hands, compared to its average volume of 6,556,539. The company has a market cap of $1.84 billion, a PE ratio of -3.02 and a beta of 0.43. Sable Offshore has a 1 year low of $3.72 and a 1 year high of $35.00. The firm has a 50-day moving average price of $9.49 and a 200-day moving average price of $12.73.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.59) by $0.20. The company had revenue of $1.00 million during the quarter, compared to analysts' expectations of $0.50 million. On average, research analysts forecast that Sable Offshore will post -6.39 EPS for the current fiscal year.

Institutional Trading of Sable Offshore

A number of institutional investors and hedge funds have recently made changes to their positions in SOC. Alyeska Investment Group L.P. increased its holdings in shares of Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company's stock valued at $100,048,000 after acquiring an additional 10,400,275 shares during the last quarter. Capital International Investors boosted its position in Sable Offshore by 542.6% during the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company's stock worth $104,564,000 after purchasing an additional 9,788,351 shares during the period. FourWorld Capital Management LLC bought a new stake in Sable Offshore during the fourth quarter worth approximately $73,113,000. Encompass Capital Advisors LLC grew its holdings in 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 purchasing an additional 5,091,925 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company's stock valued at $68,170,000 after purchasing an additional 2,975,712 shares during the period. Institutional investors and hedge funds own 26.19% of the company's stock.

About Sable Offshore

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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