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

Shares of Sable Offshore Corp. (NYSE:SOC) have received an average rating of “Moderate Buy” from the seven analysts that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $30.3333.

Several research firms recently commented on SOC. BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the stock a “buy” rating in a research report on Friday, May 23rd. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a report on Monday, May 26th. Finally, Benchmark upped their target price on shares of Sable Offshore from $37.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, May 20th.

Sable Offshore Price Performance

Sable Offshore stock opened at $30.54 on Wednesday. Sable Offshore has a 52 week low of $13.66 and a 52 week high of $35.00. The company has a current ratio of 1.67, a quick ratio of 1.57 and a debt-to-equity ratio of 3.04. The firm’s 50-day simple moving average is $25.12 and its 200 day simple moving average is $24.80.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The company had revenue of $78.00 million for the quarter, compared to analyst estimates of $21.00 million. On average, equities analysts predict that Sable Offshore will post -6.39 EPS for the current year.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction on Friday, July 18th. The stock was sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the sale, the insider owned 9,933,394 shares of the company’s stock, valued at $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 36.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. SVB Wealth LLC purchased a new position in shares of Sable Offshore during the 1st quarter worth about $29,000. CWM LLC lifted its holdings in shares of Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after acquiring an additional 1,730 shares during the period. Quantbot Technologies LP purchased a new position in shares of Sable Offshore during the 1st quarter worth about $48,000. NewEdge Advisors LLC lifted its holdings in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after acquiring an additional 650 shares during the period. Finally, US Bancorp DE lifted its holdings in shares of Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company’s stock worth $83,000 after acquiring an additional 1,258 shares during the period. 26.19% of the stock is currently 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.