Sable Offshore (NYSE:SOC) Coverage Initiated by Analysts at Pickering Energy Partners

Pickering Energy Partners initiated coverage on shares of Sable Offshore (NYSE:SOC - Free Report) in a research report report published on Tuesday, Marketbeat.com reports. The brokerage issued an outperform rating on the stock.

A number of other research analysts have also weighed in on the stock. Jefferies Financial Group raised their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. BWS Financial reaffirmed a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. Johnson Rice began coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a "buy" rating and a $30.00 price objective for the company. Finally, Benchmark reaffirmed a "buy" rating and set a $37.00 price objective on shares of Sable Offshore in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $25.00.

Sable Offshore Price Performance

Shares of SOC stock traded down $0.49 on Tuesday, reaching $21.34. The company's stock had a trading volume of 1,246,503 shares, compared to its average volume of 627,987. The stock's fifty day simple moving average is $21.55 and its 200-day simple moving average is $18.98. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $28.67. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 750,000 shares of the firm's stock in a transaction dated Thursday, September 19th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the insider now owns 8,791,001 shares in the company, valued at $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 14.30% of the company's stock.

Institutional Trading of Sable Offshore

Several institutional investors and hedge funds have recently made changes to their positions in SOC. Amalgamated Bank bought a new stake in shares of Sable Offshore in the second quarter valued at about $26,000. US Bancorp DE raised its holdings in shares of Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company's stock valued at $115,000 after acquiring an additional 3,758 shares in the last quarter. Covestor Ltd bought a new stake in shares of Sable Offshore in the third quarter valued at about $130,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Sable Offshore in the second quarter valued at about $86,000. Finally, Intech Investment Management LLC bought a new position in Sable Offshore in the third quarter worth about $245,000. 26.19% of the stock is currently owned by institutional investors.

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.