Sable Offshore Corp. (NYSE:SOC) Receives $25.00 Average Price Target from Brokerages

Sable Offshore Corp. (NYSE:SOC) has been given a consensus recommendation of “Moderate Buy” by the six brokerages that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $25.00.

SOC has been the topic of a number of analyst reports. Benchmark reissued a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Johnson Rice initiated coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. BWS Financial reaffirmed a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. Pickering Energy Partners began coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They issued an “outperform” rating for the company. Finally, Jefferies Financial Group raised their price target on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th.

Sable Offshore Stock Performance

Shares of Sable Offshore stock opened at $22.27 on Tuesday. Sable Offshore has a one year low of $10.11 and a one year high of $28.67. The stock’s 50-day moving average is $21.65 and its 200 day moving average is $19.14. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Trading of Sable Offshore

Several institutional investors have recently added to or reduced their stakes in the business. GM Advisory Group LLC grew its holdings in shares of Sable Offshore by 370.3% in the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares during the last quarter. Corsair Capital Management L.P. bought a new stake in Sable Offshore in the 3rd quarter worth $591,000. Sentry Investment Management LLC purchased a new position in shares of Sable Offshore in the third quarter valued at about $575,000. Pekin Hardy Strauss Inc. bought a new position in shares of Sable Offshore during the third quarter valued at about $659,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Sable Offshore during the second quarter worth about $2,154,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.