Sable Offshore Corp. (NYSE:SOC) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC) have received a consensus rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $30.3333.

Several research firms recently commented on SOC. Benchmark increased their target price on Sable Offshore from $37.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, May 20th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a report on Monday, May 26th. Roth Capital set a $37.00 price objective on Sable Offshore and gave the stock a “buy” rating in a report on Friday, May 23rd. Finally, BWS Financial reaffirmed a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, May 13th.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the transaction, the insider owned 9,933,394 shares of the company’s stock, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 36.36% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds have recently made changes to their positions in the company. Encompass Capital Advisors LLC grew its holdings in shares of Sable Offshore by 83.8% during the second quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock worth $108,845,000 after buying an additional 2,257,069 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new position in shares of Sable Offshore during the second quarter worth about $24,465,000. Bank of America Corp DE grew its holdings in shares of Sable Offshore by 329.8% during the second quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock worth $24,715,000 after buying an additional 862,810 shares during the last quarter. Two Seas Capital LP purchased a new position in shares of Sable Offshore during the second quarter worth about $9,708,000. Finally, State Street Corp grew its holdings in shares of Sable Offshore by 16.1% during the second quarter. State Street Corp now owns 3,035,292 shares of the company’s stock worth $66,716,000 after buying an additional 420,433 shares during the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

NYSE:SOC opened at $28.13 on Friday. The business’s fifty day moving average price is $26.51 and its 200 day moving average price is $25.19. Sable Offshore has a 12 month low of $15.65 and a 12 month high of $35.00.

Sable Offshore (NYSE:SOC) last posted its earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). As a group, equities research analysts predict that Sable Offshore will post -6.39 EPS for the current 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.