Sable Offshore (NYSE:SOC) Given “Buy” Rating at Benchmark

Benchmark reaffirmed their buy rating on shares of Sable Offshore (NYSE:SOC) in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a $20.00 price objective on the stock.

Other analysts have also recently issued research reports about the stock. Roth Capital reiterated a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Finally, Cowen restated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.60.

Sable Offshore Price Performance

Sable Offshore stock opened at $11.76 on Friday. The stock’s 50 day moving average price is $6.89 and its 200 day moving average price is $17.73. Sable Offshore has a 1-year low of $3.72 and a 1-year high of $35.00. The company has a market cap of $1.70 billion, a PE ratio of -3.61 and a beta of 0.40.

Sable Offshore (NYSE:SOC) last released its earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). On average, equities research analysts anticipate that Sable Offshore will post -6.39 EPS for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The stock was purchased at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the transaction, the insider directly owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 36.36% of the stock is currently owned by company insiders.

Institutional Trading of Sable Offshore

A number of hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC grew its stake in Sable Offshore by 36.2% in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after purchasing an additional 1,271 shares during the last quarter. CWM LLC grew its position in shares of Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after purchasing an additional 1,730 shares during the period. Salem Investment Counselors Inc. grew its position in shares of Sable Offshore by 40.0% in the second quarter. Salem Investment Counselors Inc. now owns 7,000 shares of the company’s stock valued at $154,000 after purchasing an additional 2,000 shares during the period. Finally, Ameritas Investment Partners Inc. increased its stake in Sable Offshore by 41.3% in the second quarter. Ameritas Investment Partners Inc. now owns 6,985 shares of the company’s stock valued at $154,000 after purchasing an additional 2,041 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.