Sable Offshore (NYSE:SOC) Sees Strong Trading Volume - Should You Buy?

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 850,220 shares traded hands during trading, an increase of 35% from the previous session's volume of 630,537 shares.The stock last traded at $23.36 and had previously closed at $19.64.

Wall Street Analyst Weigh In

SOC has been the topic of several research reports. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday. They issued an "outperform" rating on the stock. BWS Financial reaffirmed a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Wednesday, November 27th. Jefferies Financial Group upped their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Johnson Rice began coverage on Sable Offshore in a research note on Tuesday, November 5th. They set a "buy" rating and a $30.00 price target for the company. Finally, 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. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $25.00.

Sable Offshore Price Performance

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The company has a fifty day simple moving average of $21.57 and a 200-day simple moving average of $19.03.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Amalgamated Bank bought a new stake in Sable Offshore during the 2nd quarter worth approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Sable Offshore by 31.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company's stock worth $179,000 after purchasing an additional 1,830 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Sable Offshore by 9.9% during the 3rd 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 purchasing an additional 3,531 shares during the period. US Bancorp DE lifted its stake in shares of Sable Offshore by 340.4% during the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company's stock valued at $115,000 after buying an additional 3,758 shares in the last quarter. Finally, Covestor Ltd bought a new position in Sable Offshore in the 3rd quarter worth $130,000. 26.19% of the stock is currently owned by 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.