Sable Offshore (NYSE:SOC) Trading Up 17.4% - Still a Buy?

Key Points

• Sable Offshore shares surged 17.4% to about $4.69, with trading volume 58% above its average.
• Analyst sentiment remains mixed: three analysts rate the stock a Buy, one a Hold, and two a Sell, producing a consensus Hold rating despite a $13.33 target price.
• The company reported a quarterly loss of $0.42 per share and revenue of $137.13 million, both missing estimates; weak liquidity ratios and a high debt-to-equity ratio add to the financial risks.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price was up 17.4% during trading on Wednesday . The stock traded as high as $4.78 and last traded at $4.6860. 11,875,905 shares traded hands during mid-day trading, an increase of 58% from the average daily volume of 7,536,154 shares. The stock had previously closed at $3.99.

Wall Street Analyst Weigh In

SOC has been the subject of several analyst reports. Roth Capital reissued a "buy" rating and issued a $11.00 price objective on shares of Sable Offshore in a report on Tuesday, August 11th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, July 21st. Wall Street Zen cut Sable Offshore from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Zacks Research downgraded Sable Offshore from a "hold" rating to a "strong sell" rating in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group set a $9.00 price objective on Sable Offshore in a research report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Sable Offshore has a consensus rating of "Hold" and a consensus target price of $13.33.

Sable Offshore Trading Up 19.6%

The stock has a market cap of $915.60 million, a PE ratio of -1.47 and a beta of -0.15. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24. The company has a 50 day moving average of $5.80 and a two-hundred day moving average of $10.46.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.79). The business had revenue of $137.13 million during the quarter, compared to the consensus estimate of $237.65 million. Sell-side analysts anticipate that Sable Offshore Corp. will post -2.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOC. Fifth Third Bancorp purchased a new stake in shares of Sable Offshore during the first quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Sable Offshore in the 4th quarter valued at about $37,000. Aster Capital Management DIFC Ltd lifted its stake in Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock valued at $47,000 after buying an additional 3,790 shares in the last quarter. KBC Group NV boosted its holdings in Sable Offshore by 48.7% in 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 last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Sable Offshore by 36.2% in 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. Hedge funds and other institutional investors own 26.19% of the company's stock.

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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