Sable Offshore (NYSE:SOC) Stock Price Expected to Rise, Benchmark Analyst Says

Sable Offshore (NYSE:SOC) had its price objective raised by Benchmark from $37.00 to $47.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently weighed in on the company. Roth Capital set a $30.00 price target on Sable Offshore in a research note on Thursday, March 27th. BWS Financial reissued a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Finally, Roth Mkm initiated coverage on shares of Sable Offshore in a report on Thursday, March 27th. They set a “buy” rating and a $30.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Sable Offshore has a consensus rating of “Moderate Buy” and a consensus target price of $29.17.

Sable Offshore Stock Performance

Shares of NYSE SOC opened at $32.72 on Tuesday. The firm’s 50 day moving average price is $22.62 and its 200-day moving average price is $23.58. Sable Offshore has a 52-week low of $12.73 and a 52-week high of $35.00. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.63). The company had revenue of $78.00 million for the quarter, compared to the consensus estimate of $21.00 million. On average, research analysts forecast that Sable Offshore will post -6.39 earnings per share for the current year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the transaction, the insider now owns 10,100,569 shares of the company’s stock, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Sable Offshore by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 3,685,492 shares of the company’s stock valued at $93,501,000 after purchasing an additional 199,366 shares during the last quarter. Encompass Capital Advisors LLC grew its position in Sable Offshore by 92.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,694,954 shares of the company’s stock valued at $68,371,000 after buying an additional 1,294,954 shares during the period. Geode Capital Management LLC increased its holdings in Sable Offshore by 16.9% during the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock valued at $28,155,000 after buying an additional 177,971 shares during the last quarter. Greenhaven Road Investment Management L.P. raised its position in Sable Offshore by 24.3% in the fourth quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company’s stock worth $14,275,000 after acquiring an additional 121,751 shares during the period. Finally, GM Advisory Group LLC raised its position in Sable Offshore by 17.6% in the fourth 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 period. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.