Sable Offshore Corp. (NYSE:SOC) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC) have received a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $27.00.

A number of equities analysts have issued reports on the company. BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Tuesday, March 18th. Pickering Energy Partners began coverage on Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating for the company. Roth Mkm assumed coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target on the stock. Roth Capital raised Sable Offshore to a “strong-buy” rating in a research report on Thursday, March 27th. Finally, Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th.

Sable Offshore Stock Performance

SOC stock opened at $25.43 on Thursday. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $32.33. The business’s fifty day moving average is $26.15 and its 200-day moving average is $23.79.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently added to or reduced their stakes in SOC. Intech Investment Management LLC bought a new position in shares of Sable Offshore in the third quarter valued at about $245,000. Charles Schwab Investment Management Inc. boosted its holdings in Sable Offshore by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock valued at $9,111,000 after purchasing an additional 21,794 shares during the period. BNP Paribas Financial Markets grew its position in shares of Sable Offshore by 127.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 35,413 shares of the company’s stock worth $837,000 after purchasing an additional 19,847 shares in the last quarter. Corsair Capital Management L.P. bought a new position in shares of Sable Offshore during the third quarter worth approximately $591,000. Finally, MetLife Investment Management LLC raised its position in shares of Sable Offshore by 129.1% in the third quarter. MetLife Investment Management LLC now owns 29,606 shares of the company’s stock valued at $700,000 after buying an additional 16,682 shares in the last quarter. 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.