Sable Offshore Corp. (NYSE:SOC) Receives $27.00 Average Target Price from Brokerages

Sable Offshore Corp. (NYSE:SOC) has been given an average rating of “Moderate Buy” by the seven analysts that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $27.00.

A number of analysts have weighed in on the company. Roth Mkm initiated coverage on Sable Offshore in a report on Thursday. They set a “buy” rating and a $30.00 target price for the company. BWS Financial reissued a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, March 18th. Pickering Energy Partners began coverage on Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating on the stock. Roth Capital upgraded shares of Sable Offshore to a “strong-buy” rating in a report on Thursday. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Himalaya Capital Management LLC purchased a new stake in shares of Sable Offshore during the third quarter worth about $31,735,000. Encompass Capital Advisors LLC boosted its stake in Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock worth $32,060,000 after purchasing an additional 788,495 shares in the last quarter. State Street Corp grew its position in 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 purchasing an additional 677,426 shares during the last quarter. Vanguard Group Inc. increased its stake in 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 purchasing an additional 665,407 shares in the last quarter. Finally, Emerald Advisers LLC purchased a new position in shares of Sable Offshore in the fourth quarter worth $6,700,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Trading Down 0.7 %

Shares of SOC opened at $25.95 on Thursday. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The company has a 50 day moving average price of $26.13 and a 200-day moving average price of $23.73. Sable Offshore has a fifty-two week low of $10.11 and a fifty-two week high of $32.33.

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.