Sable Offshore (NYSE:SOC) Now Covered by Johnson Rice

Johnson Rice began coverage on shares of Sable Offshore (NYSE:SOC - Free Report) in a report published on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $30.00 price target on the stock.

A number of other equities analysts also recently issued reports on SOC. BWS Financial initiated coverage on Sable Offshore in a research report on Tuesday, October 8th. They set a "sell" rating and a $6.00 price target on the stock. Benchmark reissued a "buy" rating and issued a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Finally, Jefferies Financial Group raised their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $25.00.

Sable Offshore Stock Performance

SOC stock traded down $0.24 during midday trading on Tuesday, reaching $22.62. The company's stock had a trading volume of 990,108 shares, compared to its average volume of 540,993. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $28.67. The stock has a fifty day simple moving average of $21.65 and a two-hundred day simple moving average of $16.83. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.39) by ($2.36). As a group, equities research analysts forecast that Sable Offshore will post -3.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim acquired 41,000 shares of Sable Offshore stock in a transaction on Tuesday, August 27th. The stock was bought at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the transaction, the insider now owns 8,041,001 shares of the company's stock, valued at approximately $124,233,465.45. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 14.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fayez Sarofim & Co purchased a new stake in shares of Sable Offshore during the first quarter worth approximately $32,880,000. Bank of New York Mellon Corp acquired a new position in shares of Sable Offshore during the second quarter worth about $2,154,000. GM Advisory Group LLC purchased a new position in Sable Offshore during the second quarter worth about $1,634,000. Rhumbline Advisers purchased a new stake in Sable Offshore in the 2nd quarter valued at approximately $862,000. Finally, Emfo LLC purchased a new position in shares of Sable Offshore during the 2nd quarter worth approximately $371,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

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.