Sable Offshore (NYSE:SOC) Trading 4% Higher – Here’s Why

Sable Offshore Corp. (NYSE:SOC) traded up 4% during mid-day trading on Tuesday . The company traded as high as $23.80 and last traded at $24.06. 104,816 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 1,139,440 shares. The stock had previously closed at $23.14.

Analyst Ratings Changes

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

Sable Offshore Stock Performance

The firm’s fifty day moving average price is $23.24 and its 200 day moving average price is $21.40. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company bought a new stake in Sable Offshore in the second quarter worth approximately $324,000. SG Americas Securities LLC bought a new position in Sable Offshore during the third quarter valued at about $412,000. Allspring Global Investments Holdings LLC bought a new position in Sable Offshore during the third quarter valued at about $406,000. Ballentine Partners LLC bought a new position in Sable Offshore during the third quarter valued at about $313,000. Finally, US Bancorp DE boosted its position in Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares during the period. 26.19% of the stock is owned by hedge funds and other 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.