Sable Offshore (NYSE:SOC) Shares Up 4.9% - Still a Buy?

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price traded up 4.9% during trading on Tuesday . The stock traded as high as $20.40 and last traded at $20.27. 733,638 shares were traded during mid-day trading, a decline of 31% from the average session volume of 1,063,265 shares. The stock had previously closed at $19.32.

Wall Street Analyst Weigh In

SOC has been the topic of a number of research analyst reports. BWS Financial restated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a report on Tuesday, March 18th. Benchmark restated a "buy" rating on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Mkm started coverage on shares of Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 target price on the stock. Finally, Roth Capital set a $30.00 price target on shares of Sable Offshore in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Sable Offshore currently has an average rating of "Moderate Buy" and a consensus price target of $27.50.

Sable Offshore Stock Performance

The company has a 50 day moving average price of $24.53 and a 200 day moving average price of $23.33. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SOC. FNY Investment Advisers LLC boosted its position in shares of Sable Offshore by 1,190.1% in the 1st quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock worth $382,000 after buying an additional 13,924 shares in the last quarter. Simplicity Wealth LLC purchased a new stake in shares of Sable Offshore in the first quarter valued at about $336,000. Rhumbline Advisers grew its position in shares of Sable Offshore by 8.1% in the first quarter. Rhumbline Advisers now owns 71,815 shares of the company's stock valued at $1,822,000 after purchasing an additional 5,402 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Sable Offshore by 2,920.0% during the 1st quarter. GAMMA Investing LLC now owns 31,408 shares of the company's stock worth $797,000 after purchasing an additional 30,368 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Sable Offshore by 29.0% during the 4th quarter. California State Teachers Retirement System now owns 31,856 shares of the company's stock worth $730,000 after purchasing an additional 7,152 shares during the last quarter. Hedge funds and other institutional investors own 26.19% of the company's stock.

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.