Sable Offshore (NYSE:SOC) Now Covered by JPMorgan Chase & Co.

by · The Markets Daily

JPMorgan Chase & Co. began coverage on shares of Sable Offshore (NYSE:SOC – Get Free Report) in a report released on Friday, Marketbeat reports. The brokerage set an “overweight” rating and a $10.00 price target on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 175.94% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Roth Capital lowered their price target on Sable Offshore from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Sunday, August 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Finally, Stifel Nicolaus assumed coverage on Sable Offshore in a report on Thursday, September 10th. They issued a “buy” rating and a $8.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $11.40.

Check Out Our Latest Stock Report on Sable Offshore

Sable Offshore Stock Performance

Sable Offshore stock traded up $0.33 during mid-day trading on Friday, reaching $3.62. The company had a trading volume of 1,193,293 shares, compared to its average volume of 7,720,292. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85. The firm has a market cap of $695.34 million, a price-to-earnings ratio of -1.09 and a beta of -0.13. The company has a 50 day moving average of $4.51 and a 200-day moving average of $9.18. Sable Offshore has a 52 week low of $2.88 and a 52 week high of $20.74.

Sable Offshore (NYSE:SOC – Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.79). The firm had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. On average, sell-side analysts expect that Sable Offshore will post -2.18 EPS for the current fiscal year.

Institutional Trading of Sable Offshore

Several large investors have recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC raised its stake in shares of Sable Offshore by 60.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after acquiring an additional 5,091,925 shares during the last quarter. Capital International Investors grew its position in Sable Offshore by 542.6% during the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after acquiring an additional 9,788,351 shares during the last quarter. Bank of America Corp DE grew its position in Sable Offshore by 224.7% during the 1st quarter. Bank of America Corp DE now owns 1,295,085 shares of the company’s stock worth $21,395,000 after acquiring an additional 896,258 shares during the last quarter. Aventail Capital Group LP increased its holdings in Sable Offshore by 141.3% during the 4th quarter. Aventail Capital Group LP now owns 1,264,639 shares of the company’s stock valued at $11,407,000 after purchasing an additional 740,621 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Sable Offshore during the 2nd quarter valued at $1,161,000. 26.19% of the stock is owned by institutional investors.

Sable Offshore Company Profile

(Get Free Report)

Sable Offshore Corp. is an independent energy company focused on the development and production of oil and natural gas from offshore assets in the United States. Its principal operations are centered on the Santa Ynez Unit (SYU), located in federal waters off the coast of California.

The company’s Santa Ynez assets include offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon onshore processing and storage facility. Sable is working to restore and restart production from the system, which has been inactive since a pipeline incident led to the suspension of operations in 2015.

Sable acquired the Santa Ynez assets from ExxonMobil and became a publicly traded company through a business combination with Flame Acquisition Corp.

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