Benchmark Issues Positive Forecast for Sable Offshore (NYSE:SOC) Stock Price

Sable Offshore (NYSE:SOC) had its price target hoisted by Benchmark from $37.00 to $47.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

SOC has been the topic of several other research reports. Roth Capital set a $30.00 price target on shares of Sable Offshore in a report on Thursday, March 27th. BWS Financial reaffirmed 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 began coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They set a “buy” rating and a $30.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $29.17.

Sable Offshore Stock Performance

Shares of NYSE:SOC opened at $32.72 on Tuesday. Sable Offshore has a 1 year low of $12.73 and a 1 year high of $35.00. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. The stock’s 50-day moving average is $22.62 and its 200 day moving average is $23.58.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data 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 business had revenue of $78.00 million during the quarter, compared to analyst estimates of $21.00 million. On average, analysts anticipate that Sable Offshore will post -6.39 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 completion of the transaction, the insider now directly owns 10,100,569 shares of the company’s stock, valued at $256,251,435.53. This trade represents a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 14.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its holdings in shares of Sable Offshore by 153.6% during the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock valued at $2,836,000 after purchasing an additional 72,694 shares during the last quarter. Americana Partners LLC bought a new position in Sable Offshore during the 4th quarter valued at approximately $309,000. Y Intercept Hong Kong Ltd purchased a new position in Sable Offshore during the fourth quarter valued at $354,000. Emerald Advisers LLC purchased a new position in Sable Offshore during the fourth quarter valued at $6,700,000. Finally, Raymond James Financial Inc. bought a new stake in Sable Offshore in the fourth quarter worth $1,177,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.