Sable Offshore Corp. (NYSE:SOC) Receives $27.50 Average PT from Analysts

Sable Offshore Corp. (NYSE:SOC - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the seven research firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $27.50.

Several research analysts have weighed in on SOC shares. BWS Financial reiterated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Capital set a $30.00 price target on shares of Sable Offshore in a report on Thursday, March 27th. Benchmark restated a "buy" rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Roth Mkm initiated coverage on Sable Offshore in a research note on Thursday, March 27th. They set a "buy" rating and a $30.00 target price on the stock.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the sale, the insider now directly owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. This represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 14.30% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Sable Offshore by 23.6% in the 4th 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 period. Encompass Capital Advisors LLC raised its stake in shares of Sable Offshore by 128.9% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock worth $32,060,000 after purchasing an additional 788,495 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Sable Offshore by 16.9% during the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock worth $28,155,000 after purchasing an additional 177,971 shares during the period. Greenhaven Road Investment Management L.P. boosted its position in Sable Offshore by 24.3% in the fourth quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company's stock valued at $14,275,000 after buying an additional 121,751 shares during the last quarter. Finally, GM Advisory Group LLC increased its holdings in Sable Offshore by 17.6% in the 4th quarter. GM Advisory Group LLC now owns 600,000 shares of the company's stock worth $13,740,000 after buying an additional 90,000 shares during the period. Institutional investors own 26.19% of the company's stock.

Sable Offshore Price Performance

NYSE:SOC traded up $1.20 on Monday, reaching $19.74. 632,440 shares of the stock traded hands, compared to its average volume of 1,105,244. The company's fifty day simple moving average is $23.86 and its 200 day simple moving average is $23.17. Sable Offshore has a 12 month low of $10.26 and a 12 month high of $32.33. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

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.