Sable Offshore (NYSE:SOC) Trading 17.3% Higher - What's Next?

Key Points

• Shares jumped 17.3% intraday to a high of $19.25 (last $16.9080) on volume of 11,278,874 shares, about 59% above the average session volume, signaling strong buying interest.
• Analyst sentiment is mixed — three Buys, one Hold and two Sells — giving an overall average rating of "Hold" with an average price target of $19.00 (Jefferies at $28).
• Sable beat Q4 estimates, reporting EPS of ($0.39) vs. consensus ($0.59) and revenue $1.0M vs. $0.5M, while several institutions materially increased stakes in Q4 and institutional ownership now stands at 26.19%.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price shot up 17.3% on Wednesday . The company traded as high as $19.25 and last traded at $16.9080. 11,278,874 shares traded hands during mid-day trading, an increase of 59% from the average session volume of 7,083,601 shares. The stock had previously closed at $14.41.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Roth Mkm reaffirmed a "buy" rating on shares of Sable Offshore in a report on Wednesday, December 24th. Jefferies Financial Group reissued a "buy" rating and issued a $28.00 target price on shares of Sable Offshore in a research note on Thursday, March 5th. Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a research note on Thursday, March 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, January 27th. Finally, TD Cowen reiterated a "buy" rating on shares of Sable Offshore in a research report on Thursday, December 18th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Sable Offshore has an average rating of "Hold" and an average price target of $19.00.

Sable Offshore Stock Performance

The stock has a market cap of $2.35 billion, a price-to-earnings ratio of -3.93 and a beta of 0.43. The company has a 50-day simple moving average of $9.91 and a two-hundred day simple moving average of $12.24.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, topping analysts' consensus estimates of ($0.59) by $0.20. The business had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. As a group, sell-side analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. increased its stake in shares of Sable Offshore by 1,504.0% in 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 in the last quarter. Capital International Investors boosted its stake 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 acquiring an additional 9,788,351 shares in the last quarter. FourWorld Capital Management LLC acquired a new stake in Sable Offshore in the fourth quarter worth $73,113,000. Encompass Capital Advisors LLC increased its stake in Sable Offshore by 60.6% in 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 in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Sable Offshore by 64.9% during 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. 26.19% of the stock is owned by 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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