Sable Offshore (NYSE:SOC) Lowered to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of Sable Offshore (NYSE:SOC) from a sell rating to a strong sell rating in a report released on Saturday morning.

Other research analysts have also issued research reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Jefferies Financial Group set a $9.00 price target on shares of Sable Offshore in a report on Wednesday, August 12th. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Finally, Roth Capital reiterated a “buy” rating and set a $11.00 price objective on shares of Sable Offshore in a report on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.33.

Sable Offshore Price Performance

Shares of SOC opened at $5.11 on Friday. The company has a market capitalization of $980.46 million, a price-to-earnings ratio of -1.55 and a beta of -0.15. Sable Offshore has a fifty-two week low of $2.88 and a fifty-two week high of $29.00. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18. The business’s 50-day moving average is $5.41 and its 200-day moving average is $10.35.

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 firm had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. Equities research analysts expect that Sable Offshore will post -2.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently made changes to their positions in SOC. Encompass Capital Advisors LLC raised its position in Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after acquiring an additional 5,091,925 shares in the last quarter. Capital International Investors grew its position in Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares in the last quarter. Alyeska Investment Group L.P. grew its position in Sable Offshore by 1,504.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after acquiring an additional 10,400,275 shares in the last quarter. FourWorld Capital Management LLC bought a new stake in Sable Offshore in the fourth quarter worth approximately $73,113,000. Finally, Vanguard Group Inc. increased its stake in shares of Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. 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.