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

Key Points

• Sable Offshore Corp. (NYSE:SOC) has received a consensus rating of "Moderate Buy" from analysts, with six out of seven firms rating the stock as a buy.
• The average 1-year price target set by analysts for Sable Offshore is $30.00, while the stock opened at $24.46.
• Major shareholder Global Icav Pilgrim recently sold 167,175 shares at an average price of $21.98, reducing their ownership by 1.66%.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the seven ratings firms that are covering the company, MarketBeat.com reports. One equities research 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 analysts that have updated their coverage on the stock in the last year is $30.00.

A number of analysts recently weighed in on SOC shares. Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Roth Capital set a $37.00 target price on Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd.

Sable Offshore Trading Up 9.1%

Shares of NYSE:SOC opened at $24.46 on Thursday. The stock has a 50-day simple moving average of $26.79 and a 200-day simple moving average of $24.66. Sable Offshore has a 1 year low of $16.26 and a 1 year high of $35.00.

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

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the sale, the insider owned 9,933,394 shares in the company, valued at $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 SEC, which is available at this hyperlink. 36.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SOC. CenterBook Partners LP acquired a new stake in shares of Sable Offshore during the first quarter worth approximately $1,499,000. Toronto Dominion Bank bought a new position in Sable Offshore during the 4th quarter valued at $344,000. FNY Investment Advisers LLC grew its holdings in Sable Offshore by 1,190.1% during the 1st quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock worth $382,000 after acquiring an additional 13,924 shares in the last quarter. California State Teachers Retirement System grew its holdings in Sable Offshore by 29.0% during the 4th quarter. California State Teachers Retirement System now owns 31,856 shares of the company's stock worth $730,000 after acquiring an additional 7,152 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Sable Offshore during the 1st quarter worth $295,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

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.

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