Sable Offshore Corp. (NYSE:SOC) Given Average Rating of "Moderate Buy" by Brokerages

Sable Offshore Corp. (NYSE:SOC - Get Free Report) has earned a consensus rating of "Moderate Buy" from the six analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $25.00.

A number of research analysts have commented on SOC shares. Benchmark reaffirmed a "buy" rating and set a $37.00 price target on shares of Sable Offshore in a research report on Monday, October 7th. Jefferies Financial Group raised their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, September 4th. Johnson Rice started coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They set a "buy" rating and a $30.00 price objective on the stock. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a report on Tuesday. They issued an "outperform" rating for the company. Finally, BWS Financial reaffirmed a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was purchased at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. The trade was a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 14.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently bought and sold shares of the business. State Street Corp grew its position in shares of Sable Offshore by 74.3% during the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company's stock worth $37,557,000 after buying an additional 677,426 shares in the last quarter. Himalaya Capital Management LLC bought a new position in Sable Offshore during the 3rd quarter worth about $31,735,000. Geode Capital Management LLC increased its position in Sable Offshore by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company's stock valued at $24,844,000 after purchasing an additional 26,934 shares during the period. GM Advisory Group LLC raised its holdings in shares of Sable Offshore by 370.3% in the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company's stock valued at $12,051,000 after purchasing an additional 401,559 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Sable Offshore by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company's stock worth $9,111,000 after purchasing an additional 21,794 shares during the period. Hedge funds and other institutional investors own 26.19% of the company's stock.

Sable Offshore Stock Down 2.2 %

Shares of Sable Offshore stock traded down $0.49 during trading 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 firm's 50-day moving average is $21.55 and its two-hundred day moving average is $18.98. Sable Offshore has a 52-week low of $10.11 and a 52-week high of $28.67. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Sable Offshore Company Profile

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.