Benchmark Raises Sable Offshore (NYSE:SOC) Price Target to $37.00

Sable Offshore (NYSE:SOC) had its target price hoisted by investment analysts at Benchmark from $24.00 to $37.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price points to a potential upside of 58.59% from the company’s current price.

Separately, Jefferies Financial Group raised 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.

Sable Offshore Stock Up 5.1 %

Shares of SOC opened at $23.33 on Tuesday. The business’s fifty day moving average price is $17.84 and its 200 day moving average price is $14.57. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $28.67.

Sable Offshore (NYSE:SOC) last issued its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). Research analysts anticipate that Sable Offshore will post -2.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was acquired at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the insider now owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 14.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank acquired a new stake in Sable Offshore in the 2nd quarter valued at approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Sable Offshore during the 2nd quarter worth $86,000. Spartan Fund Management Inc. bought a new position in shares of Sable Offshore in the second quarter worth $162,000. Walleye Trading LLC acquired a new position in shares of Sable Offshore during the first quarter valued at $235,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Sable Offshore during the second quarter valued at about $324,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.