Sable Offshore (NYSE:SOC) Shares Up 6.8% - What's Next?

Key Points

• Sable Offshore shares rose 6.8% to about $5.08 in Monday trading, although volume was roughly 82% below the stock’s average session volume.
• Analyst views remain mixed: three analysts rate the stock Buy, one Hold and two Sell. The consensus rating is Hold, with a price target of $15.33, while several firms recently reduced their targets.
• Institutional and hedge-fund investors own 26.19% of the company, with several firms recently increasing or initiating positions. Sable Offshore focuses on offshore oil and natural-gas exploration and production.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price shot up 6.8% during trading on Monday . The company traded as high as $5.04 and last traded at $5.0750. Approximately 1,303,140 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 7,365,236 shares. The stock had previously closed at $4.75.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SOC shares. Zacks Research cut Sable Offshore from a "hold" rating to a "strong sell" rating in a report on Wednesday, June 3rd. Wall Street Zen lowered shares of Sable Offshore from a "hold" rating to a "sell" rating in a report on Saturday, June 6th. Roth Capital reduced their price target on shares of Sable Offshore from $22.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, July 1st. Jefferies Financial Group decreased their price objective on shares of Sable Offshore from $24.00 to $11.00 and set a "buy" rating for the company in a research note on Monday, July 6th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Sable Offshore currently has a consensus rating of "Hold" and a consensus price target of $15.33.

Sable Offshore Stock Up 5.2%

The stock has a 50 day simple moving average of $7.01 and a 200 day simple moving average of $10.77. The company has a market cap of $771.03 million, a price-to-earnings ratio of -1.17 and a beta of -0.15.

Institutional Investors Weigh In On Sable Offshore

Hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp purchased a new position in Sable Offshore in the 1st quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Sable Offshore during the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd lifted its position in shares of Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock worth $47,000 after purchasing an additional 3,790 shares in the last quarter. KBC Group NV increased its stake in Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company's stock worth $52,000 after buying an additional 1,026 shares during the period. Finally, NewEdge Advisors LLC increased its stake in 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 period. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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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