Short Interest in Sable Offshore Corp. (NYSE:SOC) Grows By 22.5%

Sable Offshore Corp. (NYSE:SOC) saw a significant increase in short interest in December. As of December 31st, there was short interest totaling 34,235,537 shares, an increase of 22.5% from the December 15th total of 27,957,705 shares. Approximately 37.1% of the shares of the stock are short sold. Based on an average trading volume of 16,229,677 shares, the short-interest ratio is currently 2.1 days. Based on an average trading volume of 16,229,677 shares, the short-interest ratio is currently 2.1 days. Approximately 37.1% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SOC. Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Monday, December 29th. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, January 8th. Finally, Roth Capital reiterated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $19.60.

Institutional Trading of Sable Offshore

Large investors have recently modified their holdings of the business. Mayflower Financial Advisors LLC raised its position in Sable Offshore by 38.3% during the 4th quarter. Mayflower Financial Advisors LLC now owns 18,188 shares of the company’s stock valued at $164,000 after purchasing an additional 5,035 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Sable Offshore by 676.2% in the 4th quarter. SG Americas Securities LLC now owns 135,846 shares of the company’s stock worth $1,225,000 after buying an additional 118,345 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Sable Offshore by 389.3% during the third quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock valued at $2,780,000 after buying an additional 126,692 shares during the period. FNY Investment Advisers LLC raised its holdings in shares of Sable Offshore by 380.3% during the third quarter. FNY Investment Advisers LLC now owns 88,490 shares of the company’s stock valued at $1,545,000 after acquiring an additional 70,068 shares in the last quarter. Finally, Penn Capital Management Company LLC lifted its stake in Sable Offshore by 24.2% in the third quarter. Penn Capital Management Company LLC now owns 37,130 shares of the company’s stock worth $648,000 after acquiring an additional 7,232 shares during the period. 26.19% of the stock is owned by institutional investors.

Sable Offshore Trading Down 3.7%

Shares of NYSE:SOC traded down $0.43 during trading on Tuesday, reaching $11.19. 2,902,879 shares of the company traded hands, compared to its average volume of 7,861,904. Sable Offshore has a 52-week low of $3.72 and a 52-week high of $35.00. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -3.42 and a beta of 0.40. The business’s fifty day moving average is $7.24 and its 200-day moving average is $16.75.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). On average, sell-side analysts predict that Sable Offshore will post -6.39 earnings per share for the current fiscal year.

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.