Sable Offshore (NYSE:SOC) Stock Rating Reaffirmed by Benchmark

by · The Markets Daily

Benchmark reaffirmed their buy rating on shares of Sable Offshore (NYSE:SOC – Free Report) in a report issued on Monday, Benzinga reports. The brokerage currently has a $37.00 target price on the stock.

Separately, Jefferies Financial Group upped their price target on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a buy rating in a research report on Wednesday, September 4th.

View Our Latest Stock Report on Sable Offshore

Sable Offshore Trading Up 2.3 %

Shares of SOC stock opened at $19.87 on Monday. Sable Offshore has a one year low of $10.11 and a one year high of $28.67. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48. The company has a 50 day moving average price of $19.65 and a 200 day moving average price of $15.59.

Sable Offshore (NYSE:SOC – Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Analysts forecast that Sable Offshore will post -3.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently bought and sold shares of the business. Amalgamated Bank purchased a new position in shares of Sable Offshore in the second quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore in the second quarter valued at $86,000. Spartan Fund Management Inc. purchased a new position in shares of Sable Offshore in the second quarter valued at $162,000. SG Americas Securities LLC purchased a new position in shares of Sable Offshore in the third quarter valued at $412,000. Finally, Walleye Trading LLC purchased a new position in shares of Sable Offshore in the first quarter valued at $235,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Company Profile

(Get Free Report)

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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