Sable Offshore (NYSE:SOC) Price Target Raised to $47.00 at Benchmark

Sable Offshore (NYSE:SOC - Get Free Report) had its target price lifted by equities researchers at Benchmark from $37.00 to $47.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Benchmark's price objective would indicate a potential upside of 42.60% from the stock's previous close.

Other equities research analysts have also issued reports about the company. Roth Capital set a $30.00 price objective on Sable Offshore in a research report on Thursday, March 27th. Roth Mkm initiated coverage on shares of Sable Offshore in a report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price target on the stock. Finally, BWS Financial restated a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Sable Offshore has an average rating of "Moderate Buy" and a consensus target price of $29.17.

Sable Offshore Stock Up 14.2%

Shares of NYSE SOC opened at $32.96 on Tuesday. Sable Offshore has a one year low of $12.73 and a one year high of $35.00. The firm's 50 day simple moving average is $22.43 and its two-hundred day simple moving average is $23.52. 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 (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate 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, sell-side analysts anticipate that Sable Offshore will post -6.39 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction dated Thursday, April 17th. The shares were 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 trade represents a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 14.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the business. SVB Wealth LLC bought a new stake in shares of Sable Offshore in the 1st quarter worth approximately $29,000. Quantbot Technologies LP purchased a new position in Sable Offshore during the first quarter valued at $48,000. Summit Securities Group LLC bought a new stake in Sable Offshore in the fourth quarter worth $53,000. NewEdge Advisors LLC grew its stake in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after acquiring an additional 650 shares during the last quarter. Finally, IFP Advisors Inc purchased a new stake in shares of Sable Offshore in the fourth quarter worth $81,000. Institutional investors own 26.19% of the company's stock.

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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