Sable Offshore (NYSE:SOC) Stock Bumped Up to Hold by Zacks Research

Zacks Research upgraded shares of Sable Offshore (NYSE:SOC) from a strong sell rating to a hold rating in a research report report published on Thursday,Zacks reports.

A number of other equities research analysts have also recently commented on the stock. 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, September 30th. Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a research note on Wednesday, August 12th. William Blair initiated coverage on shares of Sable Offshore in a research note on Monday, October 5th. They issued an “outperform” rating for the company. Stifel Nicolaus assumed coverage on shares of Sable Offshore in a report on Thursday, September 10th. They set a “buy” rating and a $8.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 30th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Sable Offshore presently has a consensus rating of “Moderate Buy” and an average price target of $11.40.

Sable Offshore Stock Performance

Shares of NYSE SOC traded down $0.01 during trading on Thursday, reaching $3.31. 5,055,662 shares of the company traded hands, compared to its average volume of 7,941,956. The stock has a market cap of $634.71 million, a P/E ratio of -1.01 and a beta of -0.13. The firm’s fifty day simple moving average is $4.28 and its 200 day simple moving average is $8.20. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.85. Sable Offshore has a 12-month low of $2.88 and a 12-month high of $19.25.

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

Hedge Funds Weigh In On Sable Offshore

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its position 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. Bank of New York Mellon Corp acquired a new stake in Sable Offshore in the 2nd quarter worth about $1,161,000. IFP Advisors Inc boosted its holdings in Sable Offshore by 15,098,500.0% in the 2nd quarter. IFP Advisors Inc now owns 150,986 shares of the company’s stock worth $465,000 after buying an additional 150,985 shares during the last quarter. Purpose Unlimited Inc. purchased a new stake in Sable Offshore during the 4th quarter worth approximately $1,078,000. Finally, Kore Advisors LP increased its stake in Sable Offshore by 70.2% during the 1st quarter. Kore Advisors LP now owns 257,152 shares of the company’s stock worth $4,248,000 after buying an additional 106,107 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors and hedge funds.

About Sable Offshore

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.