Sable Offshore (NYSE:SOC) Trading 23.5% Higher - Still a Buy?

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price rose 23.5% during trading on Thursday . The stock traded as high as $22.81 and last traded at $27.26. Approximately 1,974,722 shares changed hands during trading, an increase of 25% from the average daily volume of 1,584,608 shares. The stock had previously closed at $22.07.

Analyst Ratings Changes

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

Sable Offshore Trading Up 29.7%

The company has a debt-to-equity ratio of 3.04, a current ratio of 1.67 and a quick ratio of 1.57. The stock has a 50-day moving average of $25.17 and a 200 day moving average of $24.22.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. As a group, equities analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ballentine Partners LLC grew its position in Sable Offshore by 101.4% in the second quarter. Ballentine Partners LLC now owns 33,735 shares of the company's stock valued at $741,000 after acquiring an additional 16,984 shares during the last quarter. Sheets Smith Wealth Management bought a new stake in shares of Sable Offshore during the second quarter worth about $393,000. Salem Investment Counselors Inc. grew its holdings in shares of Sable Offshore by 40.0% during the second quarter. Salem Investment Counselors Inc. now owns 7,000 shares of the company's stock worth $154,000 after purchasing an additional 2,000 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Sable Offshore by 8.1% during the first quarter. Rhumbline Advisers now owns 71,815 shares of the company's stock worth $1,822,000 after purchasing an additional 5,402 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Sable Offshore during the first quarter worth about $236,000. Institutional investors own 26.19% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.