Sable Offshore (NYSE:SOC) Stock Price Up 5% – Here’s Why

Sable Offshore Corp. (NYSE:SOC) shares shot up 5% during mid-day trading on Friday . The stock traded as high as $13.31 and last traded at $13.0250. 664,752 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 7,601,931 shares. The stock had previously closed at $12.40.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SOC shares. Roth Mkm reaffirmed a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Four analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, Sable Offshore currently has an average rating of “Hold” and a consensus target price of $17.00.

Sable Offshore Price Performance

The stock has a market capitalization of $1.77 billion, a PE ratio of -3.75 and a beta of 0.40. The stock’s fifty day moving average is $7.56 and its 200-day moving average is $16.60.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). On average, analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SOC. CWM LLC boosted its position in shares of Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after acquiring an additional 1,730 shares during the last quarter. KBC Group NV acquired a new position in shares of Sable Offshore during the second quarter worth $46,000. NewEdge Advisors LLC grew its stake in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares in the last quarter. Rathbones Group PLC acquired a new stake in Sable Offshore during the 4th quarter valued at approximately $105,000. Finally, Whittier Trust Co. bought a new stake in shares of Sable Offshore in the third quarter worth $115,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.