Benchmark Forecasts Strong Price Appreciation for Sable Offshore (NYSE:SOC) Stock

Sable Offshore (NYSE:SOC - Get Free Report) had its price objective upped by stock analysts at Benchmark from $37.00 to $47.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's target price would suggest a potential upside of 46.69% from the company's current price.

A number of other research firms have also recently issued reports on SOC. BWS Financial reissued a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Roth Mkm initiated coverage on Sable Offshore in a research note on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price for the company. Finally, Roth Capital set a $30.00 target price on Sable Offshore in a research note on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $29.17.

Sable Offshore Stock Down 0.8%

NYSE SOC traded down $0.25 on Tuesday, reaching $32.04. The company had a trading volume of 2,925,583 shares, compared to its average volume of 1,296,898. The stock's 50 day moving average is $23.03 and its 200-day moving average is $23.77. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. Sable Offshore has a 52 week low of $13.66 and a 52 week high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to analyst estimates of $21.00 million. As a group, 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 143,806 shares of the company'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 now directly owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 36.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SOC. SVB Wealth LLC acquired a new position in Sable Offshore during the first quarter valued at approximately $29,000. Quantbot Technologies LP acquired a new position in Sable Offshore during the first quarter valued at approximately $48,000. Summit Securities Group LLC acquired a new position in Sable Offshore during the fourth quarter valued at approximately $53,000. NewEdge Advisors LLC boosted its position in Sable Offshore by 36.2% during 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 during the last quarter. Finally, IFP Advisors Inc acquired a new position in Sable Offshore during the fourth quarter valued at approximately $81,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.