Sable Offshore Corp. (NYSE:SOC) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC) have earned an average rating of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $27.00.

Several research firms have commented on SOC. Roth Mkm started coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They set a “buy” rating and a $30.00 price target on the stock. BWS Financial reiterated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, March 18th. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating for the company. Roth Capital upgraded Sable Offshore to a “strong-buy” rating in a report on Thursday, March 27th. Finally, Benchmark restated a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $26.17 on Thursday. The business’s 50-day moving average price is $26.10 and its 200-day moving average price is $23.82. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $32.33. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Institutional Trading of Sable Offshore

Several large investors have recently modified their holdings of SOC. Summit Securities Group LLC purchased a new stake in Sable Offshore in the 4th quarter worth approximately $53,000. IFP Advisors Inc bought a new position in shares of Sable Offshore during the fourth quarter valued at approximately $81,000. ORG Wealth Partners LLC purchased a new stake in Sable Offshore in the fourth quarter worth $106,000. Salem Investment Counselors Inc. boosted its holdings in Sable Offshore by 81.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after acquiring an additional 2,250 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Sable Offshore in the fourth quarter valued at $144,000. 26.19% of the stock is owned by institutional investors.

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.