Sable Offshore Corp. (NYSE:SOC) Receives $30.33 Average Price Target from Analysts

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 ratings firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $30.3333.

Several analysts recently weighed in on the company. 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 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. BWS Financial reiterated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th.

Sable Offshore Price Performance

Shares of SOC stock traded down $1.14 on Friday, hitting $26.91. 1,606,508 shares of the company's stock were exchanged, compared to its average volume of 1,745,306. Sable Offshore has a 12 month low of $15.65 and a 12 month high of $35.00. The company has a 50 day moving average of $26.61 and a 200 day moving average of $25.21.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.44). On average, sell-side analysts forecast that Sable Offshore will post -6.39 EPS for the current fiscal year.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 167,175 shares of the stock in a transaction dated 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 completion of the transaction, the insider directly owned 9,933,394 shares in the company, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 36.36% of the company's stock.

Hedge Funds Weigh In On Sable Offshore

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