Sable Offshore Corp. (NYSE:SOC) Receives Average Recommendation of “Hold” from Analysts

Shares of Sable Offshore Corp. (NYSE:SOC) have been given an average rating of “Hold” by the six brokerages that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation and four have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $17.00.

Several brokerages recently commented on SOC. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a report on Monday, December 29th.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $8.92 on Friday. The stock has a 50-day simple moving average of $8.95 and a 200-day simple moving average of $14.61. Sable Offshore has a 52-week low of $3.72 and a 52-week high of $35.00. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -2.73 and a beta of 0.41.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). As a group, equities research analysts predict that Sable Offshore will post -6.39 earnings per share for the current year.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds have recently made changes to their positions in SOC. Cooper Creek Partners Management LLC purchased a new position in Sable Offshore during the second quarter valued at $24,465,000. Two Seas Capital LP bought a new stake in Sable Offshore in the 2nd quarter worth approximately $9,708,000. Capital Fund Management S.A. lifted its position in Sable Offshore by 172.6% in the second quarter. Capital Fund Management S.A. now owns 329,083 shares of the company’s stock worth $7,233,000 after buying an additional 208,359 shares during the last quarter. Emerald Mutual Fund Advisers Trust grew its holdings in shares of Sable Offshore by 102.1% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 351,887 shares of the company’s stock worth $7,734,000 after purchasing an additional 177,733 shares during the last quarter. Finally, Trek Financial LLC bought a new stake in shares of Sable Offshore in the 3rd quarter valued at about $4,652,000. 26.19% of the stock is currently 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.