Sable Offshore (NYSE:SOC) Stock Rating Reaffirmed by Benchmark

Sable Offshore (NYSE:SOC)‘s stock had its “buy” rating restated by equities research analysts at Benchmark in a research note issued on Monday, Benzinga reports. They presently have a $37.00 price objective on the stock. Benchmark’s price objective would indicate a potential upside of 59.76% from the stock’s previous close.

Separately, Jefferies Financial Group increased their target price on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th.

Sable Offshore Price Performance

Shares of SOC traded down $1.32 during trading hours on Monday, hitting $23.16. 112,748 shares of the company were exchanged, compared to its average volume of 460,772. Sable Offshore has a fifty-two week low of $10.11 and a fifty-two week high of $28.67. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73. The firm’s fifty day moving average is $19.32 and its 200 day moving average is $15.38.

Sable Offshore (NYSE:SOC) last released its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). On average, equities analysts predict that Sable Offshore will post -2.82 EPS for the current year.

Insider Activity

In related news, major shareholder Global Icav Pilgrim bought 750,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were bought at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now directly owns 8,791,001 shares of the company’s stock, valued at $175,820,020. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 14.30% of the company’s stock.

Institutional Trading of Sable Offshore

Several hedge funds have recently made changes to their positions in SOC. Fayez Sarofim & Co bought a new stake in shares of Sable Offshore in the first quarter valued at $32,880,000. Walleye Trading LLC bought a new stake in shares of Sable Offshore in the first quarter valued at $235,000. Bank of New York Mellon Corp bought a new stake in shares of Sable Offshore in the second quarter valued at $2,154,000. Emfo LLC bought a new stake in shares of Sable Offshore in the second quarter valued at $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore in the second quarter valued at $86,000. 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.