Sable Offshore Corp. (NYSE:SOC – Get Free Report)’s stock price hit a new 52-week low during trading on Thursday. The stock traded as low as $2.85 and last traded at $2.8750, with a volume of 3,530,745 shares changing hands. The stock had previously closed at $3.06.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on SOC shares. Jefferies Financial Group set a $9.00 price target on shares of Sable Offshore in a research report on Wednesday, August 12th. Zacks Research upgraded Sable Offshore from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 15th. William Blair assumed coverage on Sable Offshore in a report on Monday, October 5th. They set an “outperform” rating for the company. JPMorgan Chase & Co. started coverage on Sable Offshore in a research note on Friday, October 2nd. They issued an “overweight” rating and a $10.00 price objective on the stock. Finally, Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $11.40.
Get Our Latest Stock Report on Sable Offshore
Sable Offshore Stock Down 6.0%
The stock has a market cap of $551.63 million, a P/E ratio of -0.87 and a beta of -0.13. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24. The firm’s 50-day moving average is $4.08 and its two-hundred day moving average is $8.88.
Sable Offshore (NYSE:SOC – Get Free Report) 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 business had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. On average, equities research analysts anticipate that Sable Offshore Corp. will post -2.20 earnings per share for the current year.
Institutional Investors Weigh In On Sable Offshore
Several large investors have recently made changes to their positions in SOC. Bank of America Corp DE increased its holdings 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 acquiring an additional 896,258 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Sable Offshore during the 2nd quarter worth approximately $1,161,000. Kore Advisors LP grew its holdings in Sable Offshore by 70.2% in the 1st quarter. Kore Advisors LP now owns 257,152 shares of the company’s stock valued at $4,248,000 after buying an additional 106,107 shares in the last quarter. IFP Advisors Inc increased its position in Sable Offshore by 16.0% during the 3rd quarter. IFP Advisors Inc now owns 175,132 shares of the company’s stock worth $606,000 after buying an additional 24,146 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in shares of Sable Offshore during the first quarter worth $1,663,000. Institutional investors and hedge funds own 26.19% of the company’s stock.
About Sable Offshore
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.
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