Sable Offshore Corp. (NYSE:SOC) Given Average Rating of “Moderate Buy” by Analysts

Sable Offshore Corp. (NYSE:SOC) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $25.00.

Several analysts have recently commented on SOC shares. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating on the stock. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Finally, Johnson Rice started coverage on Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective for the company.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOC. The Manufacturers Life Insurance Company purchased a new position in shares of Sable Offshore during the 2nd quarter valued at approximately $324,000. SG Americas Securities LLC acquired a new position in Sable Offshore during the third quarter worth $412,000. Allspring Global Investments Holdings LLC purchased a new position in Sable Offshore during the third quarter valued at $406,000. Ballentine Partners LLC acquired a new stake in shares of Sable Offshore in the third quarter valued at about $313,000. Finally, US Bancorp DE increased its stake in shares of Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Trading Up 2.7 %

Shares of NYSE:SOC opened at $25.46 on Wednesday. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $29.80. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The company’s 50 day moving average is $23.28 and its 200 day moving average is $21.22.

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.