Sable Offshore (NYSE:SOC) Stock Price Up 8.5% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) was up 8.5% during mid-day trading on Tuesday . The company traded as high as $17.48 and last traded at $17.4940. Approximately 2,125,195 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 7,338,476 shares. The stock had previously closed at $16.13.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SOC. Benchmark restated 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 research report on Tuesday, January 27th. Jefferies Financial Group reissued a “buy” rating and set a $28.00 price target on shares of Sable Offshore in a research report on Thursday, March 5th. Roth Mkm reaffirmed a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Finally, TD Cowen reissued a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Sable Offshore has an average rating of “Hold” and a consensus price target of $19.00.

Sable Offshore Stock Performance

The firm’s 50 day moving average is $10.44 and its 200-day moving average is $11.92. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -4.14 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. The firm had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million. As a group, sell-side analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after buying an additional 1,271 shares in the last quarter. NewEdge Advisors LLC increased 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 acquiring an additional 650 shares in the last quarter. ProShare Advisors LLC raised its position in Sable Offshore by 28.4% during the second quarter. ProShare Advisors LLC now owns 14,029 shares of the company’s stock worth $308,000 after acquiring an additional 3,104 shares during the period. KBC Group NV purchased a new position in Sable Offshore during the second quarter valued at $46,000. Finally, Geode Capital Management LLC grew its position in shares of Sable Offshore by 29.3% in the second quarter. Geode Capital Management LLC now owns 1,624,893 shares of the company’s stock valued at $35,721,000 after purchasing an additional 368,059 shares during the period. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Company Profile

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.