Sable Offshore (NYSE:SOC) Stock Price Expected to Rise, Benchmark Analyst Says

Sable Offshore (NYSE:SOC) had its price objective hoisted by stock analysts at Benchmark from $37.00 to $47.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Benchmark’s target price would indicate a potential upside of 45.68% from the company’s current price.

Other research analysts have also issued reports about the stock. BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Mkm began coverage on Sable Offshore in a research note on Thursday, March 27th. They set a “buy” rating and a $30.00 price target on the stock. Finally, Roth Capital set a $30.00 price objective on Sable Offshore in a research note on Thursday, March 27th. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $29.17.

Sable Offshore Price Performance

Sable Offshore stock opened at $32.26 on Tuesday. The stock’s 50 day moving average price is $22.77 and its 200 day moving average price is $23.64. Sable Offshore has a 1-year low of $12.73 and a 1-year high of $35.00. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Sable Offshore (NYSE:SOC) last released its earnings results on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. Equities analysts anticipate that Sable Offshore will post -6.39 EPS for the current year.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company’s stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the sale, the insider now directly owns 10,100,569 shares in the company, valued at $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its stake in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the period. Invesco Ltd. raised its holdings in Sable Offshore by 2.7% in the 4th quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock valued at $596,000 after acquiring an additional 679 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sable Offshore by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company’s stock worth $658,000 after purchasing an additional 1,000 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of Sable Offshore during the first quarter worth $29,000. Finally, Townsquare Capital LLC grew its position in shares of Sable Offshore by 12.3% in the first quarter. Townsquare Capital LLC now owns 11,338 shares of the company’s stock valued at $288,000 after purchasing an additional 1,242 shares during the period. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.