Sable Offshore (NYSE:SOC) Sets New 1-Year High – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $31.56 and last traded at $30.60, with a volume of 6778707 shares trading hands. The stock had previously closed at $24.47.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SOC shares. Johnson Rice started coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price on the stock. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Wednesday, November 27th. Finally, Pickering Energy Partners assumed coverage on Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, Sable Offshore presently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Down 0.2 %

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 firm has a fifty day moving average of $23.84 and a two-hundred day moving average of $21.67.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SOC. Summit Securities Group LLC purchased a new position in shares of Sable Offshore in the fourth quarter valued at $53,000. IFP Advisors Inc purchased a new stake in Sable Offshore in the 4th quarter worth approximately $81,000. ORG Wealth Partners LLC bought a new position in shares of Sable Offshore in the fourth quarter worth $106,000. Salem Investment Counselors Inc. raised its position in shares of Sable Offshore by 81.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after buying an additional 2,250 shares in the last quarter. Finally, 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 valued at $115,000 after buying an additional 3,758 shares during the period. 26.19% of the stock is owned by 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.