Sable Offshore Corp. (NYSE:SOC) Receives Average Rating of “Moderate Buy” from Brokerages

Sable Offshore Corp. (NYSE:SOC) has been assigned an average recommendation of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $25.00.

Several equities research analysts have recently commented on SOC shares. BWS Financial restated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating for the company. Finally, Johnson Rice initiated 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.

Sable Offshore Price Performance

NYSE:SOC opened at $25.46 on Wednesday. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore has a 1-year low of $10.11 and a 1-year high of $29.80. The company has a 50-day moving average of $23.28 and a 200 day moving average of $21.22.

Institutional Trading of Sable Offshore

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp boosted its stake in Sable Offshore by 74.3% in the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock worth $37,557,000 after purchasing an additional 677,426 shares in the last quarter. Himalaya Capital Management LLC purchased a new position in shares of Sable Offshore in the third quarter worth $31,735,000. Geode Capital Management LLC lifted its stake in shares of Sable Offshore by 2.6% during 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 during the period. GM Advisory Group LLC grew its holdings in shares of Sable Offshore by 370.3% during the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock valued at $12,051,000 after buying an additional 401,559 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Sable Offshore by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock valued at $9,111,000 after acquiring an additional 21,794 shares during the period. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.