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

Shares of Sable Offshore Corp. (NYSE:SOC) have received an average recommendation of “Moderate Buy” from the seven analysts that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $27.50.

A number of equities analysts have recently commented on SOC shares. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, March 18th. 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. Finally, Roth Capital set a $30.00 target price on shares of Sable Offshore in a research report on Thursday, March 27th.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction dated 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 sale, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. The trade was a 1.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 14.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Sable Offshore by 23.6% during the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after buying an additional 665,407 shares during the period. Encompass Capital Advisors LLC raised its stake in Sable Offshore by 128.9% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock worth $32,060,000 after acquiring an additional 788,495 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 acquiring an additional 177,971 shares during the period. Greenhaven Road Investment Management L.P. grew its holdings 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 worth $14,275,000 after purchasing an additional 121,751 shares during the last quarter. Finally, GM Advisory Group LLC increased 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 worth $13,740,000 after purchasing an additional 90,000 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Trading Up 0.9 %

Shares of SOC opened at $19.78 on Monday. 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 has a one year low of $10.26 and a one year high of $32.33. The company’s fifty day moving average price is $23.41 and its 200 day moving average price is $23.14.

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.