Sable Offshore (NYSE:SOC) Shares Gap Up – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped up before the market opened on Friday . The stock had previously closed at $28.34, but opened at $30.50. Sable Offshore shares last traded at $28.59, with a volume of 1,112,083 shares traded.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SOC shares. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a research report on Monday, May 26th. Benchmark upped their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, May 20th. BWS Financial reissued a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Mkm began coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the stock a “buy” rating in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.33.

Sable Offshore Trading Up 12.3%

The firm has a 50 day moving average of $25.35 and a two-hundred day moving average of $24.29. The company has a debt-to-equity ratio of 3.04, a current ratio of 1.67 and a quick ratio of 1.57.

Sable Offshore (NYSE:SOC) last issued its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million during the quarter, compared to analyst estimates of $21.00 million. Equities analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SOC. Vanguard Group Inc. boosted its position in shares of Sable Offshore by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 3,685,492 shares of the company’s stock valued at $93,501,000 after acquiring an additional 199,366 shares during the last quarter. Encompass Capital Advisors LLC boosted its position in shares of Sable Offshore by 92.5% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,694,954 shares of the company’s stock valued at $68,371,000 after acquiring an additional 1,294,954 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Sable Offshore by 16.9% during the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock valued at $28,155,000 after acquiring an additional 177,971 shares during the last quarter. Greenhaven Road Investment Management L.P. boosted its position in shares of Sable Offshore by 24.3% during the 4th quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company’s stock valued at $14,275,000 after acquiring an additional 121,751 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Sable Offshore by 27.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 493,042 shares of the company’s stock valued at $11,291,000 after acquiring an additional 107,475 shares during the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.