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

Sable Offshore Corp. (NYSE:SOC) has been assigned a consensus rating of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $25.00.

Several equities research analysts recently commented on the company. Pickering Energy Partners assumed coverage on Sable Offshore in a research report on Tuesday. They set an “outperform” rating on the stock. Benchmark reissued a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. Jefferies Financial Group lifted their price objective on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Johnson Rice assumed coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price for the company.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 750,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were purchased at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the purchase, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently modified their holdings of SOC. GM Advisory Group LLC boosted its stake in Sable Offshore by 370.3% during the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares during the period. Corsair Capital Management L.P. acquired a new stake in shares of Sable Offshore in the 3rd quarter worth $591,000. Sentry Investment Management LLC purchased a new position in shares of Sable Offshore in the 3rd quarter valued at about $575,000. Pekin Hardy Strauss Inc. purchased a new position in Sable Offshore during the 3rd quarter valued at about $659,000. Finally, Bank of New York Mellon Corp purchased a new position in Sable Offshore during the 2nd quarter valued at about $2,154,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

Sable Offshore Trading Down 0.2 %

Shares of NYSE:SOC traded down $0.04 on Tuesday, hitting $21.79. 65,366 shares of the company traded hands, compared to its average volume of 623,011. Sable Offshore has a 52 week low of $10.11 and a 52 week high of $28.67. 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 stock has a 50 day simple moving average of $21.55 and a 200-day simple moving average of $18.98.

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.