Sable Offshore (NYSE:SOC) Stock Price Up 17.3% – Should You Buy?

Sable Offshore Corp. (NYSE:SOC) shares shot up 17.3% during trading on Wednesday . The stock traded as high as $19.25 and last traded at $16.9080. 11,278,874 shares changed hands during trading, an increase of 59% from the average session volume of 7,083,601 shares. The stock had previously closed at $14.41.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SOC. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. TD Cowen restated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $28.00 price target on shares of Sable Offshore in a research note on Thursday, March 5th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.00.

Sable Offshore Stock Performance

The company has a market cap of $2.43 billion, a P/E ratio of -3.99 and a beta of 0.43. The business’s 50-day moving average price is $10.23 and its 200 day moving average price is $12.31.

Sable Offshore (NYSE:SOC) last issued its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. The firm had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. Equities research analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SOC. KBC Group NV acquired a new stake in Sable Offshore during the 2nd quarter valued at $46,000. NewEdge Advisors LLC lifted its stake in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after buying an additional 650 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Sable Offshore during the 4th quarter worth about $37,000. Aster Capital Management DIFC Ltd boosted its holdings in shares of Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares during the period. Finally, MAI Capital Management acquired a new position in Sable Offshore in the 2nd quarter valued at about $123,000. 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.