Sable Offshore Corp. (NYSE:SOC) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have earned a consensus rating of "Moderate Buy" from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $30.33.

SOC has been the subject of a number of analyst reports. Benchmark raised their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. Roth Mkm assumed coverage on shares of Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 price objective for the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Finally, BWS Financial reaffirmed a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, May 13th.

Sable Offshore Trading Down 0.5%

SOC traded down $0.11 during midday trading on Tuesday, reaching $22.86. 1,360,244 shares of the company's stock were exchanged, compared to its average volume of 1,447,061. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore has a one year low of $13.66 and a one year high of $35.00. The business has a 50-day simple moving average of $23.50 and a two-hundred day simple moving average of $24.09.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million for the quarter, compared to analysts' expectations of $21.00 million. Research analysts predict that Sable Offshore will post -6.39 EPS for the current fiscal year.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the sale, the insider now owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. This trade represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 36.36% of the company's stock.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently modified their holdings of SOC. Barclays PLC increased its holdings in shares of Sable Offshore by 342.9% in the third quarter. Barclays PLC now owns 77,583 shares of the company's stock valued at $1,832,000 after purchasing an additional 60,065 shares in the last quarter. Clarus Group Inc. increased its holdings in shares of Sable Offshore by 21.7% in the fourth quarter. Clarus Group Inc. now owns 42,070 shares of the company's stock valued at $963,000 after purchasing an additional 7,488 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Sable Offshore by 5.0% in the fourth quarter. Rhumbline Advisers now owns 66,413 shares of the company's stock valued at $1,521,000 after purchasing an additional 3,140 shares in the last quarter. Americana Partners LLC acquired a new stake in shares of Sable Offshore in the fourth quarter valued at approximately $309,000. Finally, New York State Common Retirement Fund increased its holdings in shares of Sable Offshore by 34.8% in the fourth quarter. New York State Common Retirement Fund now owns 17,800 shares of the company's stock valued at $408,000 after purchasing an additional 4,600 shares in the last quarter. 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.