Sable Offshore (NYSE:SOC) Stock Rated Overweight in New Coverage at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Sable Offshore (NYSE:SOC) in a research note released on Friday, Marketbeat.com reports. The brokerage issued an overweight rating and a $10.00 target price on the stock.

SOC has been the topic of several other reports. Jefferies Financial Group set a $9.00 price target on Sable Offshore in a research report on Wednesday, August 12th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Roth Capital dropped their price objective 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. Finally, Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 30th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.40.

Sable Offshore Trading Up 0.1%

NYSE:SOC opened at $3.52 on Friday. The business’s 50-day moving average is $4.49 and its two-hundred day moving average is $9.09. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18. Sable Offshore has a 12 month low of $2.88 and a 12 month high of $20.74. The firm has a market capitalization of $674.42 million, a PE ratio of -1.07 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 firm had revenue of $137.13 million during the quarter, compared to the consensus estimate of $237.65 million. Research analysts predict that Sable Offshore will post -2.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

Several large investors have recently modified their holdings of SOC. Fifth Third Bancorp bought a new stake in Sable Offshore in the first quarter valued at about $29,000. KBC Group NV raised its stake in Sable Offshore by 48.7% during the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after buying an additional 1,026 shares in the last quarter. Royal Bank of Canada lifted its holdings in Sable Offshore by 22.3% during the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after buying an additional 895 shares during the last quarter. Emerald Mutual Fund Advisers Trust bought a new position in Sable Offshore during the 1st quarter worth approximately $88,000. Finally, Briaud Financial Planning Inc acquired a new position in shares of Sable Offshore in the 2nd quarter worth approximately $37,000. 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 operation of offshore oil and natural gas assets. Its principal operations are centered on the Santa Ynez Unit in the Santa Barbara Channel, including offshore production platforms, subsea infrastructure, and related onshore processing and transportation facilities.

The company’s asset base includes the Hondo, Heritage, and Harmony offshore platforms, as well as the Las Flores Canyon processing facility and associated pipeline infrastructure in Santa Barbara County, California.