Benchmark Raises Sable Offshore (NYSE:SOC) Price Target to $37.00

Sable Offshore (NYSE:SOC) had its target price hoisted by Benchmark from $24.00 to $37.00 in a report published on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

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

Sable Offshore Stock Performance

Shares of SOC opened at $23.58 on Tuesday. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. The company has a 50-day moving average of $18.33 and a 200 day moving average of $14.79. Sable Offshore has a 1-year low of $10.11 and a 1-year high of $28.67.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). As a group, research analysts anticipate that Sable Offshore will post -2.82 earnings per share for the current fiscal year.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 750,000 shares of Sable Offshore stock in a transaction that occurred on 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 approximately $175,820,020. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Fayez Sarofim & Co purchased a new stake in shares of Sable Offshore during the 1st quarter worth $32,880,000. Bank of New York Mellon Corp bought a new position in Sable Offshore in the second quarter worth about $2,154,000. GM Advisory Group LLC purchased a new stake in shares of Sable Offshore during the second quarter valued at about $1,634,000. Rhumbline Advisers bought a new stake in shares of Sable Offshore in the 2nd quarter valued at about $862,000. Finally, Emfo LLC purchased a new position in shares of Sable Offshore in the 2nd quarter worth approximately $371,000. 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.