Sable Offshore (NYSE:SOC) Sets New 12-Month High - Should You Buy?

Sable Offshore Corp. (NYSE:SOC - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.75 and last traded at $29.57, with a volume of 1014240 shares traded. The stock had previously closed at $26.18.

Analyst Ratings Changes

Several research analysts have issued reports on SOC shares. Johnson Rice started coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a "buy" rating and a $30.00 target price for the company. Pickering Energy Partners started coverage on Sable Offshore in a report on Tuesday, December 17th. They set an "outperform" rating for the company. Benchmark reiterated a "buy" rating and issued a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Finally, BWS Financial reissued a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.00.

Sable Offshore Trading Up 7.2 %

The firm has a 50 day moving average of $22.69 and a 200-day moving average of $20.54. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Institutional Trading of Sable Offshore

Hedge funds have recently added to or reduced their stakes in the business. 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 valued at $37,557,000 after purchasing an additional 677,426 shares in the last quarter. Himalaya Capital Management LLC purchased a new stake in Sable Offshore during the third quarter worth $31,735,000. Geode Capital Management LLC boosted 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 acquiring an additional 26,934 shares in the last quarter. GM Advisory Group LLC increased 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 acquiring an additional 401,559 shares during the period. Finally, Charles Schwab Investment Management Inc. raised 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 acquiring an additional 21,794 shares in the last quarter. 26.19% of the stock is owned by hedge funds and other 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.