Sable Offshore Corp. (NYSE:SOC) Receives $27.50 Consensus Target Price from Analysts

Sable Offshore Corp. (NYSE:SOC) has earned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $27.50.

A number of brokerages have recently weighed in on SOC. Roth Mkm initiated coverage on Sable Offshore in a research note on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price for the company. BWS Financial restated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Capital set a $30.00 target price on shares of Sable Offshore in a research note on Thursday, March 27th. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th.

Sable Offshore Price Performance

SOC stock opened at $19.78 on Monday. The business has a fifty day moving average price of $23.41 and a 200 day moving average price of $23.14. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore has a fifty-two week low of $10.26 and a fifty-two week high of $32.33.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the completion of the sale, the insider now owns 10,100,569 shares of the company’s stock, valued at approximately $256,251,435.53. The trade was a 1.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 14.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Sable Offshore by 23.6% in the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after buying an additional 665,407 shares during the period. Encompass Capital Advisors LLC increased its stake in shares of Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after acquiring an additional 788,495 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Sable Offshore by 16.9% in the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock valued at $28,155,000 after acquiring an additional 177,971 shares during the period. Greenhaven Road Investment Management L.P. raised its position in shares of Sable Offshore by 24.3% in the 4th quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company’s stock valued at $14,275,000 after acquiring an additional 121,751 shares during the period. Finally, GM Advisory Group LLC boosted its stake in Sable Offshore by 17.6% during the 4th quarter. GM Advisory Group LLC now owns 600,000 shares of the company’s stock worth $13,740,000 after acquiring an additional 90,000 shares during the last quarter. 26.19% of the stock is currently 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.