Sable Offshore Corp. (NYSE:SOC) Receives Average Rating of "Moderate Buy" from Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) have been given an average rating of "Moderate Buy" by the seven brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $27.50.

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

Sable Offshore Price Performance

Shares of NYSE:SOC traded down $0.25 during mid-day trading on Monday, hitting $19.37. The company had a trading volume of 397,722 shares, compared to its average volume of 1,107,463. Sable Offshore has a one year low of $10.26 and a one year high of $32.33. The firm has a fifty day moving average price of $23.64 and a 200 day moving average price of $23.15. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction 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 in the company, valued at $256,251,435.53. This represents a 1.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 14.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in Sable Offshore by 153.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company's stock valued at $2,836,000 after buying an additional 72,694 shares during the last quarter. Americana Partners LLC bought a new position in shares of Sable Offshore in the fourth quarter valued at approximately $309,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Sable Offshore during the fourth quarter valued at approximately $354,000. Emerald Advisers LLC bought a new stake in Sable Offshore during the fourth quarter worth $6,700,000. Finally, Raymond James Financial Inc. purchased a new position in Sable Offshore in the fourth quarter worth $1,177,000. 26.19% of the stock is owned by institutional investors.

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.