Roth Mkm Begins Coverage on Sable Offshore (NYSE:SOC)

Analysts at Roth Mkm began coverage on shares of Sable Offshore (NYSE:SOC) in a note issued to investors on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $30.00 price target on the stock. Roth Mkm’s price objective would indicate a potential upside of 15.62% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. BWS Financial reiterated a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Tuesday, March 18th. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Finally, Pickering Energy Partners started coverage on Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $27.00.

Sable Offshore Stock Down 0.7 %

Shares of SOC stock opened at $25.95 on Thursday. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore has a one year low of $10.11 and a one year high of $32.33. The company’s 50-day moving average is $26.13 and its 200 day moving average is $23.71.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Himalaya Capital Management LLC bought a new position in shares of Sable Offshore in the 3rd quarter worth approximately $31,735,000. Encompass Capital Advisors LLC raised its position in Sable Offshore by 128.9% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock worth $32,060,000 after acquiring an additional 788,495 shares during the period. State Street Corp boosted its stake in shares of Sable Offshore by 74.3% during the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock worth $37,557,000 after acquiring an additional 677,426 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Sable Offshore by 23.6% during the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after acquiring an additional 665,407 shares during the period. Finally, Emerald Advisers LLC purchased a new stake in shares of Sable Offshore in the 4th quarter worth $6,700,000. 26.19% of the stock is owned by hedge funds and other 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.