Jefferies Financial Group Issues Positive Forecast for Sable Offshore (NYSE:SOC) Stock Price

Sable Offshore (NYSE:SOC) had its target price increased by Jefferies Financial Group from $28.00 to $30.00 in a report published on Monday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

A number of other brokerages have also weighed in on SOC. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Finally, Roth Mkm restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $19.50.

Sable Offshore Trading Down 3.1%

NYSE:SOC opened at $17.89 on Monday. The stock has a 50 day moving average of $11.79 and a two-hundred day moving average of $11.47. Sable Offshore has a 12 month low of $3.72 and a 12 month high of $35.00. The firm has a market cap of $2.63 billion, a P/E ratio of -4.26 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last released its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.20. On average, research analysts forecast that Sable Offshore will post -6.39 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Sable Offshore in the 4th quarter worth $37,000. Aster Capital Management DIFC Ltd boosted its position in shares of Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after acquiring an additional 3,790 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the period. Williams Jones Wealth Management LLC. purchased a new stake in shares of Sable Offshore in the fourth quarter valued at about $90,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Sable Offshore in the fourth quarter valued at about $97,000. 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.