Sable Offshore (NYSE:SOC) Stock Price Up 7.7% - What's Next?

Key Points

• Sable Offshore shares rose 7.7% to about $4.82 in mid-day trading, although volume was 75% below the stock’s average daily level. The stock remains well below its 50-day and 200-day moving averages of $8.14 and $11.04, respectively.
• Analyst sentiment is mixed, with three Buy ratings, one Hold and two Sell ratings, producing an overall “Hold” consensus and an average price target of $15.33. Recent analysts have cut targets, including Jefferies to $11 and Roth Capital to $15.
• The company reported a first-quarter loss of $1.37 per share, missing the $0.52 consensus estimate, while revenue of $1.27 million fell far short of the $16.10 million forecast. Institutional investors own 26.19% of the stock, with several firms recently increasing their positions.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price traded up 7.7% during mid-day trading on Friday . The company traded as high as $4.77 and last traded at $4.8230. 1,876,989 shares were traded during trading, a decline of 75% from the average daily volume of 7,377,476 shares. The stock had previously closed at $4.48.

Wall Street Analyst Weigh In

SOC has been the topic of a number of research reports. Zacks Research downgraded shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a research note on Wednesday, June 3rd. Jefferies Financial Group reduced their price objective on Sable Offshore from $24.00 to $11.00 and set a "buy" rating for the company in a research report on Monday, July 6th. Wall Street Zen downgraded Sable Offshore from a "hold" rating to a "sell" rating in a research note on Saturday, June 6th. Roth Capital dropped their target price on Sable Offshore from $22.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, July 1st. Finally, Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Sable Offshore has an average rating of "Hold" and an average price target of $15.33.

Sable Offshore Stock Up 13.3%

The company's 50-day simple moving average is $8.14 and its 200 day simple moving average is $11.04. The company has a market capitalization of $783.38 million, a P/E ratio of -1.19 and a beta of -0.08.

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 for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.85). The firm had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. As a group, equities research analysts forecast that Sable Offshore Corp. will post -0.36 earnings per share for the current year.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOC. Tactive Advisors LLC grew its holdings in Sable Offshore by 94.1% during the second quarter. Tactive Advisors LLC now owns 87,849 shares of the company's stock valued at $271,000 after purchasing an additional 42,579 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Sable Offshore by 224.7% during the 1st quarter. Bank of America Corp DE now owns 1,295,085 shares of the company's stock worth $21,395,000 after buying an additional 896,258 shares during the period. Janus Henderson Group PLC grew its stake in Sable Offshore by 135.1% in the 1st quarter. Janus Henderson Group PLC now owns 56,200 shares of the company's stock valued at $927,000 after buying an additional 32,300 shares during the last quarter. Sunbelt Securities Inc. raised its holdings in Sable Offshore by 7.5% in the 1st quarter. Sunbelt Securities Inc. now owns 72,000 shares of the company's stock worth $1,189,000 after acquiring an additional 5,000 shares during the period. Finally, Royal Bank of Canada raised its holdings in Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company's stock worth $82,000 after acquiring an additional 895 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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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