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

Sable Offshore Corp. (NYSE:SOC) shares gapped up before the market opened on Friday. The stock had previously closed at $3.04, but opened at $3.16. Sable Offshore shares last traded at $3.2650, with a volume of 276,907 shares changing hands.

Analysts Set New Price Targets

SOC has been the topic of a number of recent analyst reports. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. JPMorgan Chase & Co. assumed coverage on shares of Sable Offshore in a research note on Friday, October 2nd. They set an “overweight” rating and a $10.00 target price for the company. Stifel Nicolaus began coverage on shares of Sable Offshore in a report on Thursday, September 10th. They issued a “buy” rating and a $8.00 price target on the stock. Roth Capital reduced their price target on shares of Sable Offshore from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Finally, Wall Street Zen upgraded shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research note on Sunday, August 30th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.40.

Sable Offshore Price Performance

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 firm has a fifty day simple moving average of $4.17 and a 200 day simple moving average of $7.78. The company has a market capitalization of $620.70 million, a PE ratio of -0.98 and a beta of -0.13.

Sable Offshore (NYSE:SOC) last issued its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.79). The business had revenue of $137.13 million during the quarter, compared to analyst estimates of $237.65 million. Equities analysts anticipate that Sable Offshore Corp. will post -2.20 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp purchased a new position in Sable Offshore during the 1st quarter valued at about $29,000. KBC Group NV raised its holdings in shares of Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after purchasing an additional 1,026 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock valued at $82,000 after purchasing an additional 895 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Sable Offshore in the 1st quarter worth approximately $88,000. Finally, Briaud Financial Planning Inc purchased a new stake in shares of Sable Offshore in the 2nd quarter worth approximately $37,000. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on developing and operating oil and natural gas assets offshore California. Its principal asset is the Santa Ynez Unit, a mature offshore field in the Santa Barbara Channel that includes offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon processing facility onshore.

The company’s operations are designed to produce and process crude oil, natural gas and associated hydrocarbons from the Santa Ynez Unit.