Sable Offshore (NYSE:SOC) Shares Gap Up - Here's Why

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $28.34, but opened at $30.50. Sable Offshore shares last traded at $28.59, with a volume of 1,112,083 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SOC shares. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd. Benchmark upped their target price on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Roth Mkm initiated coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 target price for the company. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Finally, BWS Financial reiterated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

Sable Offshore Stock Performance

The company has a quick ratio of 1.57, a current ratio of 1.67 and a debt-to-equity ratio of 3.04. The stock's 50 day simple moving average is $25.35 and its two-hundred day simple moving average is $24.30.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million for the quarter, compared to analysts' expectations of $21.00 million. Analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOC. SVB Wealth LLC acquired a new position in Sable Offshore in the 1st quarter worth $29,000. Quantbot Technologies LP acquired a new position in shares of Sable Offshore during the 1st quarter worth about $48,000. Summit Securities Group LLC acquired a new position in shares of Sable Offshore during the 4th quarter worth about $53,000. NewEdge Advisors LLC boosted its stake in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after buying an additional 650 shares during the last quarter. Finally, US Bancorp DE boosted its stake in shares of Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company's stock worth $83,000 after buying an additional 1,258 shares during the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.