Sable Offshore (NYSE:SOC) Shares Gap Up – Still a Buy?

Shares of Sable Offshore Corp. (NYSE:SOC) gapped up prior to trading on Thursday . The stock had previously closed at $4.92, but opened at $5.12. Sable Offshore shares last traded at $4.9450, with a volume of 626,168 shares.

Wall Street Analysts Forecast Growth

SOC has been the subject of several research analyst reports. Roth Capital reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Sable Offshore in a report on Tuesday, August 11th. Benchmark reissued a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Stifel Nicolaus began coverage on Sable Offshore in a research note on Thursday. They set a “buy” rating and a $8.00 price target for the company. Finally, Jefferies Financial Group set a $9.00 price target on shares of Sable Offshore in a research report on Wednesday, August 12th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Sable Offshore presently has an average rating of “Hold” and a consensus price target of $12.00.

Sable Offshore Trading Up 1.3%

The stock has a 50-day moving average price of $4.51 and a two-hundred day moving average price of $10.03. The stock has a market capitalization of $956.47 million, a PE ratio of -1.51 and a beta of -0.16. 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) last released 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 the consensus estimate of $237.65 million. As a group, equities analysts forecast that Sable Offshore Corp. will post -2.18 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Alyeska Investment Group L.P. boosted its stake in Sable Offshore by 1,504.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after buying an additional 10,400,275 shares during the period. Capital International Investors lifted its holdings in shares of Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares during the last quarter. FourWorld Capital Management LLC purchased a new position in shares of Sable Offshore during the 4th quarter worth about $73,113,000. Encompass Capital Advisors LLC raised its position in Sable Offshore by 60.6% in the 4th 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 period. Finally, Vanguard Group Inc. lifted its stake in Sable Offshore by 64.9% in the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. 26.19% of the stock is currently owned by institutional investors.

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.