Sable Offshore (NYSE:SOC - Free Report) had its price objective raised by Jefferies Financial Group from $19.00 to $32.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.
Separately, Benchmark reiterated a buy rating and set a $24.00 target price on shares of Sable Offshore in a research report on Wednesday, July 24th.
Read Our Latest Research Report on SOC
Sable Offshore Price Performance
Shares of SOC traded down $1.07 during trading hours on Wednesday, hitting $22.36. The company had a trading volume of 1,343,410 shares, compared to its average volume of 362,341. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46. Sable Offshore has a 52-week low of $10.11 and a 52-week high of $24.36. The firm has a fifty day moving average price of $15.86 and a 200-day moving average price of $13.55.
Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($2.36). On average, research analysts forecast that Sable Offshore will post -2.82 EPS for the current fiscal year.
Insider Buying and Selling at Sable Offshore
In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 41,000 shares of the company's stock in a transaction dated Tuesday, August 27th. The stock was purchased at an average price of $15.45 per share, with a total value of $633,450.00. Following the completion of the purchase, the insider now directly owns 8,041,001 shares in the company, valued at approximately $124,233,465.45. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 14.30% of the company's stock.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the business. Fayez Sarofim & Co purchased a new position in shares of Sable Offshore in the first quarter worth $32,880,000. Walleye Trading LLC bought a new position in shares of Sable Offshore during the 1st quarter valued at about $235,000. Bank of New York Mellon Corp bought a new position in shares of Sable Offshore during the 2nd quarter valued at about $2,154,000. Emfo LLC purchased a new position in shares of Sable Offshore during the second quarter valued at about $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Sable Offshore in the second quarter worth about $86,000. 26.19% of the stock is owned by hedge funds and other institutional investors.
About Sable Offshore
(
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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.
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