Sable Offshore Corp. (NYSE:SOC) Given Average Rating of “Moderate Buy” by Analysts

Shares of Sable Offshore Corp. (NYSE:SOC) have earned an average rating of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $25.00.

A number of analysts have commented on the stock. BWS Financial restated a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research report on Wednesday, November 27th. Benchmark reiterated a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a report on Monday, October 7th. Pickering Energy Partners started coverage on shares of Sable Offshore in a report on Tuesday. They issued an “outperform” rating on the stock. Jefferies Financial Group boosted their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Johnson Rice assumed coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock.

Sable Offshore Price Performance

Shares of SOC stock traded down $0.04 during midday trading on Tuesday, reaching $21.79. 65,366 shares of the company were exchanged, compared to its average volume of 623,011. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $28.67. The company’s 50 day moving average price is $21.55 and its two-hundred day moving average price is $18.98. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim acquired 750,000 shares of Sable Offshore stock in a transaction on Thursday, September 19th. The shares were purchased at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. This represents a 9.33 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. State Street Corp grew its position in Sable Offshore by 74.3% in the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after purchasing an additional 677,426 shares during the period. Himalaya Capital Management LLC purchased a new position in shares of Sable Offshore during the third quarter worth about $31,735,000. Geode Capital Management LLC boosted its stake in Sable Offshore by 2.6% in the third quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock worth $24,844,000 after buying an additional 26,934 shares in the last quarter. GM Advisory Group LLC boosted its stake in Sable Offshore by 370.3% in the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after buying an additional 401,559 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Sable Offshore by 6.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock worth $9,111,000 after buying an additional 21,794 shares in the last quarter. 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.