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

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have received an average recommendation of "Moderate Buy" from the seven ratings firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $30.33.

Several equities analysts have weighed in on SOC shares. Roth Capital set a $37.00 target price on Sable Offshore and gave the company a "buy" rating in a research report on Friday, May 23rd. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. BWS Financial reaffirmed a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Benchmark lifted their target price on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Finally, Roth Mkm started coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price for the company.

Sable Offshore Trading Up 1.4%

NYSE SOC opened at $23.30 on Friday. Sable Offshore has a 52 week low of $13.66 and a 52 week high of $35.00. The company has a current ratio of 1.67, a quick ratio of 1.57 and a debt-to-equity ratio of 3.04. The business's fifty day simple moving average is $24.61 and its 200-day simple moving average is $24.19.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The company had revenue of $78.00 million for the quarter, compared to analysts' expectations of $21.00 million. On average, equities research analysts predict that Sable Offshore will post -6.39 EPS for the current year.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business's stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the completion of the transaction, the insider directly owned 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. The trade was a 1.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 36.36% of the company's stock.

Hedge Funds Weigh In On Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the stock. SVB Wealth LLC acquired a new position in shares of Sable Offshore during the first quarter worth about $29,000. Quantbot Technologies LP acquired a new position in shares of Sable Offshore during the first quarter worth about $48,000. Summit Securities Group LLC acquired a new position in shares of Sable Offshore during the fourth quarter worth about $53,000. NewEdge Advisors LLC boosted its holdings in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after purchasing an additional 650 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in Sable Offshore by 62.2% in the first quarter. US Bancorp DE now owns 3,281 shares of the company's stock valued at $83,000 after purchasing an additional 1,258 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

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.

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