Sable Offshore (NYSE:SOC) Reaches New 52-Week High - Here's Why

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price hit a new 52-week high during 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.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SOC. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an "outperform" rating on the stock. Johnson Rice assumed coverage on Sable Offshore in a report on Tuesday, November 5th. They set a "buy" rating and a $30.00 target price on the stock. BWS Financial reissued a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Benchmark reissued a "buy" rating and issued a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.00.

Sable Offshore Trading Down 1.1 %

The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The stock's fifty day simple moving average is $22.95 and its two-hundred day simple moving average is $20.68.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently modified their holdings of the company. Amalgamated Bank purchased a new stake in Sable Offshore during the 2nd quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Sable Offshore by 31.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company's stock valued at $179,000 after buying an additional 1,830 shares during the period. Salem Investment Counselors Inc. lifted its position in Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock worth $114,000 after acquiring an additional 2,250 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Sable Offshore by 9.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company's stock valued at $927,000 after acquiring an additional 3,531 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company's stock valued at $115,000 after purchasing an additional 3,758 shares during the period. 26.19% of the stock is currently 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.