Sable Offshore (NYSE:SOC) Earns Buy Rating from Analysts at Johnson Rice

Research analysts at Johnson Rice started coverage on shares of Sable Offshore (NYSE:SOC) in a research note issued to investors on Tuesday, Briefing.com reports. The brokerage set a “buy” rating and a $30.00 price target on the stock. Johnson Rice’s price target would suggest a potential upside of 31.23% from the company’s previous close.

SOC has been the subject of a number of other reports. BWS Financial assumed coverage on shares of Sable Offshore in a research report on Tuesday, October 8th. They set a “sell” rating and a $6.00 price target for the company. Benchmark reiterated a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research note on Monday, October 7th. Finally, Jefferies Financial Group upped their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Up 3.3 %

Shares of Sable Offshore stock opened at $22.86 on Tuesday. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $28.67. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73. The business has a 50 day moving average price of $21.65 and a 200 day moving average price of $16.83.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). On average, equities research analysts anticipate that Sable Offshore will post -3.95 earnings per share for the current year.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim bought 41,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was acquired at an average price of $15.45 per share, for a total transaction of $633,450.00. Following the transaction, the insider now directly owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently bought and sold shares of the business. Amalgamated Bank acquired a new stake in Sable Offshore in the second quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Sable Offshore during the second quarter valued at approximately $86,000. US Bancorp DE grew its position in shares of Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after acquiring an additional 3,758 shares during the period. Covestor Ltd bought a new stake in Sable Offshore in the 3rd quarter valued at $130,000. Finally, Spartan Fund Management Inc. acquired a new stake in shares of Sable Offshore in the second quarter valued at approximately $162,000. 26.19% of the stock is currently owned by 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.