Sable Offshore (NYSE:SOC) Trading 5% Higher – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) rose 5% during mid-day trading on Friday . The stock traded as high as $13.31 and last traded at $13.0250. Approximately 664,752 shares were traded during trading, a decline of 91% from the average daily volume of 7,601,931 shares. The stock had previously closed at $12.40.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, January 8th. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Four research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Sable Offshore presently has a consensus rating of “Hold” and an average price target of $17.00.

Sable Offshore Stock Performance

The company has a market cap of $1.50 billion, a price-to-earnings ratio of -3.18 and a beta of 0.40. The company has a fifty day moving average of $7.68 and a two-hundred day moving average of $16.46.

Sable Offshore (NYSE:SOC) last issued its earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). Equities analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds have recently added to or reduced their stakes in SOC. Encompass Capital Advisors LLC increased its position in Sable Offshore by 83.8% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock valued at $108,845,000 after acquiring an additional 2,257,069 shares during the period. Capital International Investors bought a new stake in shares of Sable Offshore in the third quarter worth $31,499,000. Cooper Creek Partners Management LLC acquired a new stake in Sable Offshore in the second quarter valued at $24,465,000. Bank of America Corp DE increased its holdings in Sable Offshore by 329.8% in the second quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock valued at $24,715,000 after purchasing an additional 862,810 shares during the period. Finally, Two Seas Capital LP bought a new position in Sable Offshore during the 2nd quarter worth $9,708,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.