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

Shares of Sable Offshore Corp. (NYSE:SOC) have been assigned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $25.00.

A number of research analysts recently issued reports on SOC shares. Johnson Rice began coverage on Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. Pickering Energy Partners assumed coverage on Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating for the company. BWS Financial reaffirmed a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. Finally, Benchmark reiterated a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th.

Institutional Trading of Sable Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the company. Amalgamated Bank acquired a new stake in Sable Offshore in the second quarter valued at about $26,000. ORG Wealth Partners LLC acquired a new stake in shares of Sable Offshore in the 4th quarter valued at approximately $106,000. US Bancorp DE boosted its stake in shares of Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after buying an additional 3,758 shares in the last quarter. Salem Investment Counselors Inc. grew its holdings in Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after acquiring an additional 2,250 shares during the period. Finally, Covestor Ltd purchased a new position in Sable Offshore in the third quarter worth $130,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Performance

Shares of SOC stock opened at $24.56 on Friday. The stock’s 50-day moving average is $22.51 and its two-hundred day moving average is $20.29. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $28.67.

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.