Wall Street Zen Upgrades Sable Offshore (NYSE:SOC) to “Sell”

Sable Offshore (NYSE:SOC) was upgraded by research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a report issued on Sunday, Wall Street Zen reports.

SOC has been the subject of a number of other research reports. Jefferies Financial Group set a $9.00 target price on Sable Offshore in a report on Wednesday, August 12th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Roth Capital reiterated a “buy” rating and set a $11.00 price objective on shares of Sable Offshore in a research note on Tuesday, August 11th. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sable Offshore currently has an average rating of “Hold” and an average price target of $13.33.

Sable Offshore Stock Up 7.3%

Shares of NYSE SOC opened at $4.82 on Friday. Sable Offshore has a 12-month low of $2.88 and a 12-month high of $28.07. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18. The firm’s 50-day moving average is $4.76 and its two-hundred day moving average is $10.22. The company has a market capitalization of $924.81 million, a PE ratio of -1.47 and a beta of -0.15.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data 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 firm had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. Equities analysts anticipate that Sable Offshore will post -2.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System lifted its position in Sable Offshore by 242.0% in the second quarter. California State Teachers Retirement System now owns 326,283 shares of the company’s stock worth $1,005,000 after purchasing an additional 230,884 shares during the period. Odyssean LLC acquired a new stake in shares of Sable Offshore in the second quarter worth $187,000. AXQ Capital LP grew its stake in Sable Offshore by 25.6% during the 2nd quarter. AXQ Capital LP now owns 37,069 shares of the company’s stock valued at $114,000 after acquiring an additional 7,552 shares in the last quarter. Briaud Financial Planning Inc acquired a new position in Sable Offshore in the 2nd quarter valued at approximately $37,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Sable Offshore during the second quarter worth $302,000. 26.19% of the stock is owned by institutional investors and hedge funds.

About Sable Offshore

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.