Short Interest in Sable Offshore Corp. (NYSE:SOC) Rises By 22.5%

Sable Offshore Corp. (NYSE:SOC) was the recipient of a significant growth in short interest during the month of December. As of December 31st, there was short interest totaling 34,235,537 shares, a growth of 22.5% from the December 15th total of 27,957,705 shares. Based on an average daily trading volume, of 16,229,677 shares, the days-to-cover ratio is presently 2.1 days. Currently, 37.1% of the company’s shares are sold short. Currently, 37.1% of the company’s shares are sold short. Based on an average daily trading volume, of 16,229,677 shares, the days-to-cover ratio is presently 2.1 days.

Sable Offshore Stock Performance

Shares of SOC stock opened at $11.00 on Wednesday. Sable Offshore has a fifty-two week low of $3.72 and a fifty-two week high of $35.00. The firm has a market cap of $1.59 billion, a P/E ratio of -3.37 and a beta of 0.40. The business’s 50 day moving average price is $7.32 and its 200-day moving average price is $16.66.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). As a group, equities analysts predict that Sable Offshore will post -6.39 EPS for the current year.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently modified their holdings of SOC. CWM LLC lifted its holdings in Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after buying an additional 1,730 shares during the period. KBC Group NV bought a new position in shares of Sable Offshore in the 2nd quarter worth approximately $46,000. NewEdge Advisors LLC lifted its stake in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the period. Whittier Trust Co. bought a new stake in shares of Sable Offshore during the third quarter valued at approximately $115,000. Finally, MAI Capital Management purchased a new stake in Sable Offshore in the second quarter worth $123,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SOC shares. Cowen restated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Roth Capital reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a report on Monday, December 29th. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a report on Thursday, January 8th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Sable Offshore has a consensus rating of “Hold” and a consensus price target of $19.60.

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.