Sable Offshore (NYSE:SOC) Shares Up 6.6% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) was up 6.6% during trading on Wednesday. The stock traded as high as $3.62 and last traded at $3.6250. 2,149,205 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 7,719,333 shares. The stock had previously closed at $3.40.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Wall Street Zen upgraded Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Sunday, August 30th. Stifel Nicolaus assumed coverage on shares of Sable Offshore in a report on Thursday, September 10th. They issued a “buy” rating and a $8.00 target price for the company. Roth Capital restated a “buy” rating on shares of Sable Offshore in a report on Wednesday. Finally, Jefferies Financial Group set a $9.00 price target on shares of Sable Offshore in a report on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $12.00.

Sable Offshore Stock Performance

The firm has a market cap of $695.53 million, a PE ratio of -1.10 and a beta of -0.16. The business has a 50 day simple moving average of $4.56 and a two-hundred day simple moving average of $9.37. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85.

Sable Offshore (NYSE:SOC) last announced 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 company had revenue of $137.13 million during the quarter, compared to analysts’ expectations of $237.65 million. As a group, equities research analysts forecast that Sable Offshore Corp. will post -2.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently bought and sold shares of SOC. Encompass Capital Advisors LLC boosted its position in Sable Offshore by 60.6% during the 4th 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 raised its position in shares of Sable Offshore by 542.6% in the 4th 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. Bank of America Corp DE lifted its stake in shares of Sable Offshore by 224.7% during the 1st quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock worth $21,395,000 after purchasing an additional 896,258 shares during the last quarter. BW Gestao de Investimentos Ltda. bought a new stake in Sable Offshore during the fourth quarter valued at about $13,234,000. Finally, Aventail Capital Group LP raised its holdings in Sable Offshore by 141.3% in the fourth quarter. Aventail Capital Group LP now owns 1,264,639 shares of the company’s stock worth $11,407,000 after purchasing an additional 740,621 shares in the last quarter. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on the development and production of oil and natural gas from offshore assets in the United States. Its principal operations are centered on the Santa Ynez Unit (SYU), located in federal waters off the coast of California.

The company’s Santa Ynez assets include offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon onshore processing and storage facility. Sable is working to restore and restart production from the system, which has been inactive since a pipeline incident led to the suspension of operations in 2015.

Sable acquired the Santa Ynez assets from ExxonMobil and became a publicly traded company through a business combination with Flame Acquisition Corp.