Sable Offshore’s (SOC) Buy Rating Reaffirmed at Benchmark

Benchmark restated their buy rating on shares of Sable Offshore (NYSE:SOC) in a report issued on Monday, Benzinga reports. They currently have a $37.00 target price on the stock.

Separately, Jefferies Financial Group raised their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a buy rating in a research note on Wednesday, September 4th.

Sable Offshore Stock Performance

SOC opened at $22.65 on Monday. The firm’s 50 day moving average is $19.44 and its 200-day moving average is $15.46. Sable Offshore has a 52-week low of $10.11 and a 52-week high of $28.67. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). On average, equities research analysts predict that Sable Offshore will post -2.82 earnings per share for the current year.

Insider Activity

In other news, major shareholder Global Icav Pilgrim purchased 41,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was acquired at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the purchase, the insider now owns 8,041,001 shares of the company’s stock, valued at approximately $124,233,465.45. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SOC. GM Advisory Group LLC bought a new position in Sable Offshore during the second quarter worth $1,634,000. Bank of New York Mellon Corp bought a new position in shares of Sable Offshore in the 2nd quarter worth about $2,154,000. Walleye Trading LLC bought a new position in shares of Sable Offshore in the 1st quarter worth about $235,000. Amalgamated Bank acquired a new position in shares of Sable Offshore in the 2nd quarter valued at about $26,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Sable Offshore during the 2nd quarter valued at about $86,000. Institutional investors and hedge funds 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.