Sable Offshore Corp. (NYSE:SOC) Receives $20.50 Average Target Price from Analysts

Shares of Sable Offshore Corp. (NYSE:SOC) have received a consensus recommendation of “Hold” from the seven brokerages that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating and five have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $20.50.

Several equities analysts recently issued reports on SOC shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Roth Capital set a $26.00 target price on shares of Sable Offshore in a research note on Monday, November 3rd. Finally, Benchmark decreased their price target on Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, November 4th.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the firm’s stock in a transaction dated Wednesday, October 15th. The shares were bought at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the acquisition, the insider owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOC. Encompass Capital Advisors LLC grew its holdings in Sable Offshore by 83.8% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock worth $108,845,000 after acquiring an additional 2,257,069 shares during the last quarter. Cooper Creek Partners Management LLC bought a new stake in shares of Sable Offshore during the second quarter valued at approximately $24,465,000. Bank of America Corp DE increased its holdings in shares of Sable Offshore by 329.8% in the second quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock valued at $24,715,000 after purchasing an additional 862,810 shares in the last quarter. Two Seas Capital LP acquired a new stake in shares of Sable Offshore in the second quarter valued at approximately $9,708,000. Finally, State Street Corp raised its position in Sable Offshore by 16.1% in the 2nd quarter. State Street Corp now owns 3,035,292 shares of the company’s stock worth $66,716,000 after purchasing an additional 420,433 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Price Performance

Sable Offshore stock opened at $5.31 on Friday. The business has a 50 day simple moving average of $17.59 and a 200 day simple moving average of $22.93. The company has a market capitalization of $527.90 million, a PE ratio of -1.56 and a beta of 0.46. Sable Offshore has a one year low of $4.58 and a one year high of $35.00.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Equities analysts anticipate that Sable Offshore will post -6.39 earnings per share 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.