Sable Offshore (NYSE:SOC) Shares Gap Up – Should You Buy?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $24.47, but opened at $29.50. Sable Offshore shares last traded at $30.93, with a volume of 1,702,913 shares.

Analyst Ratings Changes

SOC has been the topic of a number of recent research reports. Johnson Rice initiated coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target on the stock. Pickering Energy Partners started coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They issued an “outperform” rating on the stock. Finally, BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Performance

The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The company’s 50-day moving average is $23.84 and its two-hundred day moving average is $21.64.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently bought and sold shares of the stock. Summit Securities Group LLC acquired a new position in Sable Offshore during the 4th quarter valued at about $53,000. IFP Advisors Inc acquired a new position in Sable Offshore during the 4th quarter valued at about $81,000. ORG Wealth Partners LLC acquired a new position in Sable Offshore during the 4th quarter valued at about $106,000. US Bancorp DE increased its stake in Sable Offshore by 340.4% during the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after buying an additional 3,758 shares during the period. Finally, Salem Investment Counselors Inc. increased its stake 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 during the period. Institutional investors and hedge funds 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.