Sable Offshore (NYSE:SOC) Coverage Initiated at Stifel Nicolaus

Stock analysts at Stifel Nicolaus initiated coverage on shares of Sable Offshore (NYSE:SOC) in a report released on Thursday. The brokerage set a “buy” rating and a $8.00 price target on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 60.93% from the company’s current price.

Several other research analysts have also commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 30th. Jefferies Financial Group set a $9.00 price target on shares of Sable Offshore in a report on Wednesday, August 12th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Zacks Research lowered shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.00.

Sable Offshore Price Performance

SOC traded up $0.05 during trading on Thursday, reaching $4.97. 505,886 shares of the company traded hands, compared to its average volume of 7,616,430. The firm has a fifty day simple moving average of $4.51 and a 200 day simple moving average of $10.03. Sable Offshore has a 12-month low of $2.88 and a 12-month high of $24.96. The company has a market cap of $953.79 million, a P/E ratio of -1.51 and a beta of -0.16. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.79). The business had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. On average, equities analysts forecast that Sable Offshore will post -2.18 EPS for the current year.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its position in Sable Offshore by 543.4% during the 2nd quarter. NewEdge Advisors LLC now owns 14,804 shares of the company’s stock worth $46,000 after acquiring an additional 12,503 shares during the period. IFP Advisors Inc lifted its holdings in shares of Sable Offshore by 15,098,500.0% during the second quarter. IFP Advisors Inc now owns 150,986 shares of the company’s stock worth $465,000 after purchasing an additional 150,985 shares during the period. Mraz Amerine & Associates Inc. lifted its stake in Sable Offshore by 30.3% during the 2nd quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock valued at $55,000 after acquiring an additional 4,125 shares during the period. California State Teachers Retirement System increased its stake in shares of Sable Offshore by 242.0% in the second quarter. California State Teachers Retirement System now owns 326,283 shares of the company’s stock worth $1,005,000 after acquiring an additional 230,884 shares during the period. Finally, Odyssean LLC acquired a new stake in shares of Sable Offshore in the second quarter worth $187,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.