Brokerages Set Sable Offshore Corp. (NYSE:SOC) Price Target at $30.33

Shares of Sable Offshore Corp. (NYSE:SOC) have earned an average rating of “Moderate Buy” from the seven research firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $30.33.

A number of analysts have commented on the company. Roth Mkm began coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price objective for the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a report on Monday, May 26th. Benchmark lifted their target price on Sable Offshore from $37.00 to $47.00 and gave the company a “buy” rating in a research note on Tuesday, May 20th. Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a “buy” rating in a research report on Friday, May 23rd. Finally, BWS Financial restated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, May 13th.

Insider Activity

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 completion of the transaction, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 36.36% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Sable Offshore by 5.7% during the first quarter. Vanguard Group Inc. now owns 3,685,492 shares of the company’s stock valued at $93,501,000 after buying an additional 199,366 shares during the last quarter. Encompass Capital Advisors LLC boosted its position in Sable Offshore by 92.5% in the first quarter. Encompass Capital Advisors LLC now owns 2,694,954 shares of the company’s stock worth $68,371,000 after purchasing an additional 1,294,954 shares during the last quarter. Geode Capital Management LLC boosted its position in Sable Offshore by 16.9% in the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock worth $28,155,000 after purchasing an additional 177,971 shares during the last quarter. Greenhaven Road Investment Management L.P. lifted its position in shares of Sable Offshore by 24.3% during 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 buying an additional 121,751 shares during the last quarter. Finally, GM Advisory Group LLC lifted its position in shares of Sable Offshore by 17.6% during the 4th quarter. GM Advisory Group LLC now owns 600,000 shares of the company’s stock valued at $13,740,000 after buying an additional 90,000 shares during the last quarter. 26.19% of the stock is currently owned by institutional investors.

Sable Offshore Trading Down 0.9%

Shares of NYSE SOC opened at $22.76 on Tuesday. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The business’s 50-day simple moving average is $23.63 and its 200-day simple moving average is $24.08. Sable Offshore has a 52 week low of $13.66 and a 52 week high of $35.00.

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

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.