Sable Offshore (NYSE:SOC) Now Covered by Analysts at Pickering Energy Partners

Pickering Energy Partners initiated coverage on shares of Sable Offshore (NYSE:SOC) in a research note issued to investors on Tuesday morning, MarketBeat reports. The firm issued an outperform rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Johnson Rice assumed coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective on the stock. Benchmark reaffirmed a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. Jefferies Financial Group boosted their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, BWS Financial restated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Stock Down 2.2 %

NYSE:SOC opened at $21.34 on Tuesday. The stock has a 50-day moving average price of $21.55 and a two-hundred day moving average price of $18.98. Sable Offshore has a 1 year low of $10.11 and a 1 year 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.

Insider Buying and Selling

In other news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was bought at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the transaction, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. The trade was a 9.33 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 14.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Institutional investors and hedge funds have recently modified their holdings of the company. Amalgamated Bank bought a new position in shares of Sable Offshore during the 2nd quarter worth approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Sable Offshore during the 2nd quarter valued at $86,000. US Bancorp DE boosted its position in Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares during the period. Covestor Ltd acquired a new position in shares of Sable Offshore in the third quarter valued at $130,000. Finally, Spartan Fund Management Inc. acquired a new position in shares of Sable Offshore in the second quarter valued at $162,000. 26.19% of the stock is owned by institutional investors.

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.