Sable Offshore (NYSE:SOC) Shares Gap Up – What’s Next?

Sable Offshore Corp. (NYSE:SOC) shares gapped up before the market opened on Thursday. The stock had previously closed at $3.67, but opened at $3.78. Sable Offshore shares last traded at $3.8150, with a volume of 380,093 shares.

Analyst Ratings Changes

A number of research firms have issued reports on SOC. JPMorgan Chase & Co. began coverage on shares of Sable Offshore in a report on Friday, October 2nd. They set an “overweight” rating and a $10.00 price objective on the stock. Stifel Nicolaus began 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. Roth Capital decreased their price objective on shares of Sable Offshore from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Jefferies Financial Group set a $9.00 target price on Sable Offshore in a research note on Wednesday, August 12th. Finally, Wall Street Zen raised 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, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Sable Offshore has a consensus rating of “Hold” and a consensus target price of $11.40.

Sable Offshore Trading Up 8.9%

The firm has a 50-day simple moving average of $4.44 and a 200-day simple moving average of $8.80. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85. The stock has a market cap of $766.71 million, a PE ratio of -1.20 and a beta of -0.13.

Sable Offshore (NYSE:SOC) last posted its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The company had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. Equities analysts forecast that Sable Offshore Corp. will post -2.64 earnings per share for the current year.

Institutional Trading of Sable Offshore

Hedge funds have recently bought and sold shares of the company. Encompass Capital Advisors LLC grew its stake in shares of Sable Offshore by 60.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after purchasing an additional 5,091,925 shares during the last quarter. Bank of America Corp DE raised its position in 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 valued at $21,395,000 after purchasing an additional 896,258 shares during the last quarter. Aventail Capital Group LP raised its position in Sable Offshore by 141.3% during the 4th quarter. Aventail Capital Group LP now owns 1,264,639 shares of the company’s stock valued at $11,407,000 after purchasing an additional 740,621 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Sable Offshore in the 2nd quarter worth approximately $1,161,000. Finally, Cobalt Capital Management Inc. lifted its holdings in Sable Offshore by 1,200.0% in the 4th quarter. Cobalt Capital Management Inc. now owns 260,000 shares of the company’s stock worth $2,345,000 after buying an additional 240,000 shares during the period. 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.