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

Sable Offshore Corp. (NYSE:SOC - Get Free Report) has received an average rating of "Moderate Buy" from the six ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $25.00.

A number of brokerages have recently commented on SOC. Johnson Rice assumed coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price target on the stock. BWS Financial reissued a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. 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. Finally, Pickering Energy Partners started coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an "outperform" rating on the stock.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in Sable Offshore during the second quarter worth approximately $2,154,000. Rhumbline Advisers acquired a new position in shares of Sable Offshore during the 2nd quarter worth approximately $862,000. Amalgamated Bank bought a new stake in Sable Offshore in the 2nd quarter valued at $26,000. GM Advisory Group LLC acquired a new stake in Sable Offshore during the 2nd quarter valued at $1,634,000. Finally, The Manufacturers Life Insurance Company bought a new position in Sable Offshore during the second quarter worth $324,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Stock Up 0.7 %

Shares of NYSE:SOC traded up $0.15 during midday trading on Friday, reaching $22.91. 732,518 shares of the company were exchanged, compared to its average volume of 874,553. Sable Offshore has a fifty-two week low of $10.11 and a fifty-two week high of $28.67. The stock has a fifty day simple moving average of $22.47 and a two-hundred day simple moving average of $20.02. The company has a current ratio of 3.50, a quick ratio of 3.34 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.