Sable Offshore (NYSE:SOC) Stock Price Up 2.6% - Time to Buy?

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares rose 2.6% during trading on Friday . The stock traded as high as $24.53 and last traded at $24.40. Approximately 327,690 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 660,930 shares. The stock had previously closed at $23.79.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SOC shares. Johnson Rice began coverage on Sable Offshore in a research report on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price objective for the company. Benchmark reaffirmed a "buy" rating and set a $37.00 price objective on shares of Sable Offshore in a research note on Monday, October 7th. 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. Jefferies Financial Group upped their price target on Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Finally, Pickering Energy Partners initiated coverage on Sable Offshore in a research report on Tuesday, December 17th. They issued an "outperform" rating on the stock. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $25.00.

Sable Offshore Stock Up 0.3 %

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 50 day moving average is $21.88 and its 200-day moving average is $19.33.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank bought a new stake in shares of Sable Offshore during the 2nd quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore during the 2nd quarter valued at about $86,000. US Bancorp DE boosted its stake in Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company's stock worth $115,000 after acquiring an additional 3,758 shares in the last quarter. Covestor Ltd purchased a new stake in Sable Offshore in the third quarter worth about $130,000. Finally, Spartan Fund Management Inc. bought a new position in shares of Sable Offshore during the second quarter valued at approximately $162,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.