Sable Offshore Corp. (NYSE:SOC) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Sable Offshore Corp. (NYSE:SOC – Get Free Report) has earned a consensus rating of “Moderate Buy” from the nine analysts that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $11.40.

Several brokerages have recently commented on SOC. Roth Capital lowered their price objective on Sable Offshore from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a research report on Sunday, August 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Monday, October 19th. Finally, Stifel Nicolaus assumed 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.

View Our Latest Report on Sable Offshore

Sable Offshore Trading Down 6.0%

Shares of Sable Offshore stock opened at $2.88 on Friday. The stock has a market capitalization of $551.63 million, a PE ratio of -0.87 and a beta of -0.13. Sable Offshore has a 52 week low of $2.85 and a 52 week high of $19.25. The stock has a 50 day moving average price of $4.04 and a two-hundred day moving average price of $8.85. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24.

Sable Offshore (NYSE:SOC – Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The firm had revenue of $137.13 million for the quarter, compared to analysts’ expectations of $237.65 million. As a group, equities analysts anticipate that Sable Offshore will post -2.20 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its position in 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. KBC Group NV grew its stake in shares of Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after acquiring an additional 1,026 shares during the period. Fifth Third Bancorp bought a new position in shares of Sable Offshore during the 1st quarter worth $29,000. ProShare Advisors LLC increased its holdings in Sable Offshore by 21.0% in the 3rd quarter. ProShare Advisors LLC now owns 21,202 shares of the company’s stock worth $73,000 after acquiring an additional 3,678 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. increased its holdings in Sable Offshore by 30.3% in the 2nd quarter. Mraz Amerine & Associates Inc. now owns 17,754 shares of the company’s stock worth $55,000 after acquiring an additional 4,125 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

About Sable Offshore

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Sable Offshore (NYSE:SOC)

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