Sable Offshore Corp. (NYSE:SOC) Receives Average Recommendation of "Moderate Buy" from Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the six research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $25.00.

Several brokerages have recently issued reports on SOC. BWS Financial restated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Johnson Rice started coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They set a "buy" rating and a $30.00 price target on the stock. Finally, Pickering Energy Partners started coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an "outperform" rating on the stock.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC bought a new position in Sable Offshore in the 4th quarter worth about $737,000. Emerald Advisers LLC bought a new position in shares of Sable Offshore during the fourth quarter valued at approximately $6,700,000. Vanguard Group Inc. boosted its stake in shares of Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock valued at $79,832,000 after purchasing an additional 665,407 shares in the last quarter. LPL Financial LLC bought a new position in shares of Sable Offshore during the fourth quarter valued at approximately $312,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Sable Offshore during the fourth quarter valued at approximately $144,000. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Stock Performance

Shares of NYSE SOC traded up $1.68 during mid-day trading on Wednesday, hitting $24.82. 2,298,045 shares of the company's stock traded hands, compared to its average volume of 1,222,324. The company's 50-day moving average is $23.31 and its two-hundred day moving average is $21.46. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $29.80.

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.