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

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have been given a consensus rating of "Moderate Buy" by the seven brokerages that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $27.50.

SOC has been the subject of several recent analyst reports. BWS Financial reissued a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Tuesday. Benchmark restated a "buy" rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Mkm assumed coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price on the stock. Finally, Roth Capital set a $30.00 target price on Sable Offshore in a research report on Thursday, March 27th.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This represents a 1.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 14.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in Sable Offshore by 153.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company's stock worth $2,836,000 after purchasing an additional 72,694 shares in the last quarter. Americana Partners LLC purchased a new stake in Sable Offshore during the 4th quarter worth about $309,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Sable Offshore in the 4th quarter valued at about $354,000. Emerald Advisers LLC purchased a new stake in shares of Sable Offshore in the 4th quarter valued at about $6,700,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Sable Offshore in the 4th quarter valued at about $1,177,000. Institutional investors own 26.19% of the company's stock.

Sable Offshore Price Performance

NYSE SOC opened at $27.81 on Friday. The business has a 50 day simple moving average of $22.15 and a 200 day simple moving average of $23.37. Sable Offshore has a 52-week low of $11.82 and a 52-week high of $32.33. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million during the quarter, compared to analysts' expectations of $21.00 million. As a group, analysts forecast 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.

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