Sable Offshore (NYSE:SOC) Stock Price Up 4% - Here's Why

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price traded up 4% during trading on Tuesday . The company traded as high as $23.80 and last traded at $24.06. 104,816 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 1,139,440 shares. The stock had previously closed at $23.14.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SOC. BWS Financial restated a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Wednesday, November 27th. Pickering Energy Partners started coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an "outperform" rating for the company. Finally, Johnson Rice began coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price target on the stock. 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 has a consensus rating of "Moderate Buy" and a consensus price target of $25.00.

Sable Offshore Stock Down 0.2 %

The stock's 50 day moving average is $23.84 and its two-hundred day moving average is $21.71. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently bought and sold shares of the business. Invesco Ltd. grew its holdings in Sable Offshore by 2.7% in the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company's stock worth $596,000 after purchasing an additional 679 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Sable Offshore by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company's stock valued at $658,000 after buying an additional 1,000 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Sable Offshore by 5.5% in the 4th quarter. MetLife Investment Management LLC now owns 31,240 shares of the company's stock valued at $715,000 after acquiring an additional 1,634 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Sable Offshore by 31.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company's stock worth $179,000 after acquiring an additional 1,830 shares during the last quarter. Finally, 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 during the period. Institutional investors own 26.19% of the company's stock.

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.