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

Shares of Sable Offshore Corp. (NYSE:SOC) have been given an average rating of “Moderate Buy” by the eight research firms that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $28.20.

A number of research analysts have commented on the company. Weiss Ratings restated a “sell (d)” rating on shares of Sable Offshore in a research note on Wednesday, October 8th. Roth Capital restated a “buy” rating and set a $28.00 price target on shares of Sable Offshore in a research note on Wednesday.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were acquired at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the transaction, the insider owned 10,933,394 shares of the company’s stock, valued at $164,438,245.76. The trade was a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

A number of large investors have recently modified their holdings of SOC. SVB Wealth LLC purchased a new stake in shares of Sable Offshore during the first quarter worth $29,000. CWM LLC increased its position in shares of Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after acquiring an additional 1,730 shares during the period. KBC Group NV purchased a new stake in shares of Sable Offshore during the second quarter worth $46,000. Quantbot Technologies LP purchased a new stake in shares of Sable Offshore during the first quarter worth $48,000. Finally, NewEdge Advisors LLC increased its position in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after acquiring an additional 650 shares during the period. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Performance

NYSE:SOC opened at $11.75 on Monday. The stock’s fifty day moving average is $22.94 and its two-hundred day moving average is $23.79. Sable Offshore has a 52 week low of $11.25 and a 52 week high of $35.00.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) EPS 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 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.