Sable Offshore Corp. (NYSE:SOC) Short Interest Up 22.5% in December

by · The Cerbat Gem

Sable Offshore Corp. (NYSE:SOC – Get Free Report) saw a significant growth in short interest in 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 short-interest ratio is currently 2.1 days. Currently, 37.1% of the shares of the company are short sold. Currently, 37.1% of the shares of the company are short sold. Based on an average daily trading volume, of 16,229,677 shares, the short-interest ratio is currently 2.1 days.

Wall Street Analysts Forecast Growth

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

Read Our Latest Stock Report on SOC

Sable Offshore Stock Performance

Shares of NYSE:SOC traded up $0.04 during trading on Monday, reaching $11.62. The stock had a trading volume of 5,484,370 shares, compared to its average volume of 9,468,954. Sable Offshore has a 1-year low of $3.72 and a 1-year high of $35.00. The business has a fifty day moving average price of $7.24 and a 200-day moving average price of $16.75.

Sable Offshore (NYSE:SOC – Get Free Report) last announced its earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.21). As a group, equities research analysts expect that Sable Offshore will post -6.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Encompass Capital Advisors LLC grew its position in shares of Sable Offshore by 83.8% in the second quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock valued at $108,845,000 after purchasing an additional 2,257,069 shares in the last quarter. Vanguard Group Inc. lifted its position in Sable Offshore by 2.4% during the third quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company’s stock worth $80,001,000 after buying an additional 108,504 shares in the last quarter. State Street Corp boosted its stake in Sable Offshore by 16.1% during the second quarter. State Street Corp now owns 3,035,292 shares of the company’s stock worth $66,716,000 after buying an additional 420,433 shares during the last quarter. Capital International Investors purchased a new stake in Sable Offshore in the 3rd quarter valued at $31,499,000. Finally, Geode Capital Management LLC increased its stake in shares of Sable Offshore by 29.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,624,893 shares of the company’s stock worth $35,721,000 after acquiring an additional 368,059 shares during the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

About Sable Offshore

(Get Free Report)

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.

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