Sable Offshore (NYSE:SOC) Now Covered by Analysts at Pickering Energy Partners

Pickering Energy Partners assumed coverage on shares of Sable Offshore (NYSE:SOC) in a research note released on Tuesday, Marketbeat reports. The brokerage issued an outperform rating on the stock.

Several other analysts have also recently weighed in on SOC. Johnson Rice assumed coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective for the company. BWS Financial reissued a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research report on Wednesday, November 27th. Benchmark reiterated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. Finally, Jefferies Financial Group boosted their price target on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Performance

SOC stock opened at $21.34 on Tuesday. Sable Offshore has a fifty-two week low of $10.11 and a fifty-two week high of $28.67. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The business’s fifty day moving average price is $21.55 and its two-hundred day moving average price is $18.98.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was bought at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 8,791,001 shares of the company’s stock, valued at $175,820,020. This represents a 9.33 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 14.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOC. Amalgamated Bank acquired a new stake in Sable Offshore in the second quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Sable Offshore during the second quarter worth about $86,000. US Bancorp DE lifted its stake in shares of Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after acquiring an additional 3,758 shares during the period. Covestor Ltd acquired a new stake in Sable Offshore during the 3rd quarter valued at approximately $130,000. Finally, Spartan Fund Management Inc. bought a new position in Sable Offshore during the 2nd quarter worth approximately $162,000. 26.19% of the stock is currently 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.