Sable Offshore Corp. (NYSE:SOC – Get Free Report)’s share price rose 7.7% during trading on Friday . The company traded as high as $4.77 and last traded at $4.8230. 1,876,989 shares were traded during mid-day trading, a decline of 75% from the average session volume of 7,377,476 shares. The stock had previously closed at $4.48.
Analyst Ratings Changes
SOC has been the subject of several recent analyst reports. Roth Capital decreased their target price on Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Finally, Jefferies Financial Group reduced their price objective on Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $15.33.
Sable Offshore Trading Up 13.3%
Sable Offshore (NYSE:SOC – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. As a group, research analysts forecast that Sable Offshore Corp. will post -0.36 earnings per share for the current fiscal year.
Institutional Trading of Sable Offshore
Hedge funds have recently modified their holdings of the company. Capital International Investors boosted its stake in Sable Offshore by 542.6% during the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after buying an additional 9,788,351 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Sable Offshore by 389.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock valued at $2,780,000 after buying an additional 126,692 shares in the last quarter. Encompass Capital Advisors LLC raised its stake in shares of Sable Offshore by 60.6% in the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after buying an additional 5,091,925 shares in the last quarter. Easterly Investment Partners LLC bought a new position in shares of Sable Offshore during the 4th quarter worth about $2,093,000. Finally, Purpose Unlimited Inc. bought a new position in shares of Sable Offshore during the 4th quarter worth about $1,078,000. Institutional investors own 26.19% of the company’s stock.
Sable Offshore Company Profile
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.
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