Sable Offshore Corp. (NYSE:SOC) Stock Has Consensus Target Price of $11.40

Sable Offshore Corp. (NYSE:SOC) has received an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $11.40.

SOC has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Monday, October 19th. Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a research report on Wednesday, August 12th. Roth Capital cut their target price on Sable Offshore from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, September 30th. Stifel Nicolaus initiated coverage on Sable Offshore in a research note on Thursday, September 10th. They set a “buy” rating and a $8.00 price target for the company. Finally, Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp acquired a new position in Sable Offshore during the first quarter valued at approximately $29,000. KBC Group NV raised its position in shares of Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after purchasing an additional 1,026 shares during the period. Royal Bank of Canada lifted its stake in shares of Sable Offshore by 22.3% in the first 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 acquired a new stake in shares of Sable Offshore in the first quarter worth $88,000. Finally, Briaud Financial Planning Inc acquired a new stake in shares of Sable Offshore in the second quarter worth $37,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Stock Performance

Shares of NYSE SOC opened at $3.27 on Friday. Sable Offshore has a 52-week low of $2.88 and a 52-week high of $19.25. The stock’s fifty day simple moving average is $4.15 and its 200 day simple moving average is $7.70. The stock has a market capitalization of $626.46 million, a price-to-earnings ratio of -0.99 and a beta of -0.13. 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 issued its earnings results on Monday, August 10th. The company reported ($0.42) EPS 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 analyst estimates of $237.65 million. As a group, sell-side analysts forecast that Sable Offshore will post -2.20 earnings per share for the current fiscal year.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on developing and operating oil and natural gas assets offshore California. Its principal asset is the Santa Ynez Unit, a mature offshore field in the Santa Barbara Channel that includes offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon processing facility onshore.

The company’s operations are designed to produce and process crude oil, natural gas and associated hydrocarbons from the Santa Ynez Unit.