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

Shares of Sable Offshore Corp. (NYSE:SOC) have been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $30.33.

Several brokerages have recently issued reports on SOC. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a “buy” rating in a research note on Friday, May 23rd. Roth Mkm began coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They set a “buy” rating and a $30.00 price target for the company. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a research note on Monday, May 26th. Benchmark lifted their price objective on shares of Sable Offshore from $37.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, May 20th. Finally, BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Tuesday, May 13th.

Sable Offshore Stock Down 0.9%

Shares of NYSE:SOC opened at $24.27 on Tuesday. The company has a fifty day moving average of $23.29 and a 200-day moving average of $24.11. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. Sable Offshore has a 52-week low of $13.66 and a 52-week high of $35.00.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to analyst estimates of $21.00 million. Analysts forecast that Sable Offshore will post -6.39 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company’s stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the sale, the insider now owns 10,100,569 shares of the company’s stock, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 36.36% of the stock is owned by insiders.

Institutional Trading of Sable Offshore

Hedge funds have recently added to or reduced their stakes in the company. SVB Wealth LLC purchased a new stake in shares of Sable Offshore during the 1st quarter worth $29,000. Quantbot Technologies LP purchased a new position in shares of Sable Offshore during the 1st quarter valued at approximately $48,000. Summit Securities Group LLC bought a new position in Sable Offshore during the fourth quarter worth $53,000. NewEdge Advisors LLC lifted its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the last quarter. Finally, IFP Advisors Inc bought a new stake in Sable Offshore in the fourth quarter valued at $81,000. Institutional investors and hedge funds 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.