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

Sable Offshore Corp. (NYSE:SOC) has been assigned a consensus rating of “Moderate Buy” from the six analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $25.00.

SOC has been the topic of a number of research reports. BWS Financial restated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Wednesday, November 27th. Pickering Energy Partners began coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating for the company. Benchmark reissued a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a research report on Monday, October 7th. Finally, Johnson Rice assumed coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target for the company.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new position in Sable Offshore in the 2nd quarter worth $2,154,000. Rhumbline Advisers purchased a new position in shares of Sable Offshore in the second quarter worth about $862,000. Amalgamated Bank bought a new stake in shares of Sable Offshore in the 2nd quarter valued at about $26,000. GM Advisory Group LLC bought a new stake in shares of Sable Offshore in the 2nd quarter valued at about $1,634,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Sable Offshore during the 2nd quarter valued at about $324,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Trading Up 0.7 %

Shares of NYSE:SOC opened at $22.91 on Friday. The firm has a fifty day moving average of $22.45 and a two-hundred day moving average of $19.93. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $28.67. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

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.