Sable Offshore (NYSE:SOC) Hits New 52-Week High - Should You Buy?

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $32.33 and last traded at $30.68, with a volume of 2355935 shares traded. The stock had previously closed at $31.31.

Analyst Upgrades and Downgrades

SOC has been the topic of several recent analyst reports. Johnson Rice began coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price target on the stock. BWS Financial restated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. Benchmark reiterated a "buy" rating and set a $37.00 price target on shares of Sable Offshore in a research note on Thursday. Finally, Pickering Energy Partners began coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an "outperform" rating for the company. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Sable Offshore has an average rating of "Moderate Buy" and an average target price of $25.00.

Sable Offshore Stock Performance

The business's 50-day moving average price is $24.78 and its 200-day moving average price is $22.13. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SOC. Himalaya Capital Management LLC acquired a new position in Sable Offshore in the 3rd quarter valued at about $31,735,000. Encompass Capital Advisors LLC grew its stake in shares of Sable Offshore by 128.9% in the 4th 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. State Street Corp increased its holdings in shares of Sable Offshore by 74.3% in the third 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 during the period. Vanguard Group Inc. raised its stake in shares of Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock worth $79,832,000 after purchasing an additional 665,407 shares during the last quarter. Finally, GM Advisory Group LLC raised its stake in shares of Sable Offshore by 370.3% during the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company's stock worth $12,051,000 after purchasing an additional 401,559 shares during the last quarter. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.