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

Key Points

• Sable Offshore Corp. has received a consensus rating of "Moderate Buy" from seven research firms, with six analysts issuing buying recommendations and one a sell rating.
• The average 12-month target price set by analysts for Sable Offshore is $30.33, with some firms setting targets as high as $47.00.
• Insider trading activity includes a significant sale by major shareholder Global Icav Pilgrim of 167,175 shares for approximately $3.67 million, reducing their ownership stake by 1.66%.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the seven research firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $30.3333.

A number of research firms have weighed in on SOC. Roth Capital set a $37.00 price objective on Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd. Benchmark increased their price objective on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. BWS Financial reissued a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a report on Tuesday, May 13th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th.

Sable Offshore Stock Performance

NYSE:SOC opened at $28.7650 on Friday. The stock's 50 day moving average price is $26.07 and its 200 day moving average price is $25.05. Sable Offshore has a 52-week low of $15.13 and a 52-week high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). As a group, equities research analysts predict that Sable Offshore will post -6.39 EPS for the current year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.98, for a total value of $3,674,506.50. Following the sale, the insider directly owned 9,933,394 shares in the company, valued at $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 36.36% of the stock is currently owned by company insiders.

Institutional Trading of Sable Offshore

A number of institutional investors have recently modified their holdings of the business. Nomura Holdings Inc. purchased a new stake in shares of Sable Offshore in the second quarter valued at approximately $401,000. Tower Research Capital LLC TRC raised its holdings in Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company's stock worth $165,000 after purchasing an additional 2,960 shares during the last quarter. Rafferty Asset Management LLC raised its holdings in Sable Offshore by 27.1% during the second quarter. Rafferty Asset Management LLC now owns 128,398 shares of the company's stock worth $2,822,000 after purchasing an additional 27,361 shares during the last quarter. Rangeley Capital LLC acquired a new position in Sable Offshore during the second quarter worth $550,000. Finally, Oxford Asset Management LLP acquired a new position in Sable Offshore during the second quarter worth $421,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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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