Sable Offshore (NYSE:SOC) Reaches New 1-Year High – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s share price reached a new 52-week high on Thursday . The company traded as high as $32.33 and last traded at $30.68, with a volume of 2355935 shares traded. The stock had previously closed at $31.31.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Benchmark reissued a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a report on Thursday. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating on the stock. BWS Financial restated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Johnson Rice began coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Price Performance

The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The business has a fifty day simple moving average of $24.78 and a 200 day simple moving average of $22.13.

Institutional Trading of Sable Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Invesco Ltd. increased its holdings in Sable Offshore by 2.7% in the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock valued at $596,000 after buying an additional 679 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Sable Offshore by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company’s stock valued at $658,000 after purchasing an additional 1,000 shares in the last quarter. MetLife Investment Management LLC raised its holdings in Sable Offshore by 5.5% during the fourth quarter. MetLife Investment Management LLC now owns 31,240 shares of the company’s stock worth $715,000 after purchasing an additional 1,634 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Sable Offshore by 31.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock worth $179,000 after purchasing an additional 1,830 shares during the last quarter. Finally, Salem Investment Counselors Inc. boosted its position 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 purchasing an additional 2,250 shares in the last quarter. 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.