Sable Offshore (NYSE:SOC) Shares Gap Up – Still a Buy?

Sable Offshore Corp. (NYSE:SOC) shares gapped up prior to trading on Thursday . The stock had previously closed at $4.92, but opened at $5.12. Sable Offshore shares last traded at $4.9450, with a volume of 626,168 shares trading hands.

Analysts Set New Price Targets

Several research firms have issued reports on SOC. Stifel Nicolaus started coverage on shares of Sable Offshore in a report on Thursday. They issued a “buy” rating and a $8.00 price target on the stock. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Roth Capital restated a “buy” rating and set a $11.00 target price on shares of Sable Offshore in a research note on Tuesday, August 11th. Finally, Jefferies Financial Group set a $9.00 target price on Sable Offshore in a research report on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Sable Offshore presently has a consensus rating of “Hold” and a consensus target price of $12.00.

Sable Offshore Stock Performance

The company has a market cap of $991.01 million, a PE ratio of -1.57 and a beta of -0.16. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85. The firm’s 50-day simple moving average is $4.54 and its two-hundred day simple moving average is $9.96.

Sable Offshore (NYSE:SOC) last posted 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 for the quarter, compared to analyst estimates of $237.65 million. As a group, research analysts anticipate that Sable Offshore Corp. will post -2.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp purchased a new stake in Sable Offshore during the 1st quarter valued at about $29,000. NewEdge Advisors LLC raised its stake in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the last quarter. KBC Group NV raised its stake in shares of Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after purchasing an additional 1,026 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Sable Offshore by 22.3% in the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after purchasing an additional 895 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd lifted its holdings in shares of Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares during the period. 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.