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

Sable Offshore Corp. (NYSE:SOC) has been given a consensus rating of “Moderate Buy” by the seven brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $30.00.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction on Friday, July 18th. The shares were sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the sale, the insider owned 9,933,394 shares in the company, valued at $218,336,000.12. The trade was a 1.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 36.36% of the stock is owned by corporate insiders.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently bought and sold shares of SOC. Nomura Holdings Inc. bought a new stake in shares of Sable Offshore in the 2nd quarter worth $401,000. Tower Research Capital LLC TRC grew its stake in shares of Sable Offshore by 65.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock worth $165,000 after acquiring an additional 2,960 shares in the last quarter. Rafferty Asset Management LLC grew its stake in shares of Sable Offshore by 27.1% in the 2nd quarter. Rafferty Asset Management LLC now owns 128,398 shares of the company’s stock worth $2,822,000 after acquiring an additional 27,361 shares in the last quarter. Rangeley Capital LLC bought a new stake in shares of Sable Offshore in the 2nd quarter worth $550,000. Finally, Oxford Asset Management LLP bought a new stake in shares of Sable Offshore in the 2nd quarter worth $421,000. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Price Performance

SOC opened at $21.84 on Thursday. Sable Offshore has a fifty-two week low of $16.26 and a fifty-two week high of $35.00. The company’s 50 day moving average price is $26.91 and its two-hundred day moving average price is $24.63.

Sable Offshore (NYSE:SOC) last posted its earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.44). Equities research analysts predict that Sable Offshore will post -6.39 EPS for the current year.

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.