Sable Offshore (NYSE:SOC) Rating Increased to Strong-Buy at Roth Capital

Roth Capital upgraded shares of Sable Offshore (NYSE:SOC) to a strong-buy rating in a research note published on Thursday morning,Zacks.com reports.

Several other research firms also recently commented on SOC. Roth Mkm began coverage on shares of Sable Offshore in a report on Thursday. They issued a “buy” rating and a $30.00 target price on the stock. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. BWS Financial reissued a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, Pickering Energy Partners began coverage on Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.00.

Sable Offshore Stock Performance

Shares of SOC opened at $26.17 on Thursday. The business’s 50 day moving average is $26.10 and its 200 day moving average is $23.69. 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 12-month low of $10.11 and a 12-month high of $32.33.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Summit Securities Group LLC purchased a new stake in shares of Sable Offshore in the fourth quarter valued at $53,000. IFP Advisors Inc bought a new position in shares of Sable Offshore in the fourth quarter worth about $81,000. ORG Wealth Partners LLC bought a new stake in Sable Offshore during the 4th quarter valued at about $106,000. Salem Investment Counselors Inc. lifted its holdings in Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after buying an additional 2,250 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Sable Offshore in the 4th quarter worth about $144,000. Institutional investors own 26.19% of the company’s stock.

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.