Sable Offshore (NYSE:SOC) Reaches New 52-Week High – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $29.75 and last traded at $29.57, with a volume of 1014240 shares. The stock had previously closed at $26.18.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Benchmark reiterated a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a report on Monday, October 7th. Pickering Energy Partners started coverage on Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating for the company. Johnson Rice initiated coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target on the stock. Finally, BWS Financial restated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Performance

The company has a 50 day moving average of $22.53 and a two-hundred day moving average of $20.42. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its stake in shares of Sable Offshore by 42.0% in the fourth quarter. SG Americas Securities LLC now owns 24,783 shares of the company’s stock worth $568,000 after acquiring an additional 7,332 shares during the last quarter. Ballentine Partners LLC lifted its holdings in Sable Offshore by 35.8% in the fourth quarter. Ballentine Partners LLC now owns 17,982 shares of the company’s stock valued at $412,000 after acquiring an additional 4,743 shares during the period. Salem Investment Counselors Inc. lifted 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 during the period. ORG Wealth Partners LLC bought a new position in Sable Offshore in the fourth quarter valued at about $106,000. Finally, JPMorgan Chase & Co. lifted its holdings in Sable Offshore by 153.6% in the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock valued at $2,836,000 after acquiring an additional 72,694 shares during the period. 26.19% of the stock is owned by hedge funds and other 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.