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

Sable Offshore Corp. (NYSE:SOC - Get Free Report) has received an average recommendation of "Moderate Buy" from the seven brokerages that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $27.00.

A number of equities research analysts recently commented on SOC shares. Roth Mkm began coverage on Sable Offshore in a research report on Thursday. They issued a "buy" rating and a $30.00 price target for the company. BWS Financial reiterated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Capital upgraded shares of Sable Offshore to a "strong-buy" rating in a report on Thursday. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They issued an "outperform" rating for the company. Finally, Benchmark reissued a "buy" rating on shares of Sable Offshore in a research report on Tuesday, March 18th.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors have recently added to or reduced their stakes in SOC. Vanguard Group Inc. boosted its stake in Sable Offshore by 23.6% in the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock valued at $79,832,000 after acquiring an additional 665,407 shares during the last quarter. State Street Corp raised its holdings in shares of Sable Offshore by 74.3% in the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company's stock worth $37,557,000 after purchasing an additional 677,426 shares during the period. Encompass Capital Advisors LLC lifted its stake in Sable Offshore by 128.9% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock valued at $32,060,000 after purchasing an additional 788,495 shares during the last quarter. Himalaya Capital Management LLC purchased a new position in Sable Offshore in the third quarter valued at approximately $31,735,000. Finally, Geode Capital Management LLC grew its holdings in Sable Offshore by 16.9% during the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock valued at $28,155,000 after purchasing an additional 177,971 shares during the period. Institutional investors own 26.19% of the company's stock.

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Sable Offshore Trading Down 0.7 %

Shares of Sable Offshore stock traded down $0.19 on Thursday, hitting $25.72. The company had a trading volume of 227,483 shares, compared to its average volume of 969,937. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $32.33. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. The stock has a 50 day moving average of $26.13 and a 200-day moving average of $23.76.

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.