Sable Offshore (NYSE:SOC) Shares Up 5.8% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shot up 5.8% on Wednesday . The company traded as high as $24.57 and last traded at $24.39. 285,645 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,451,313 shares. The stock had previously closed at $23.05.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SOC. Pickering Energy Partners began coverage on Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating for the company. Benchmark restated a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research note on Thursday, February 20th. Finally, BWS Financial restated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

Sable Offshore Stock Up 4.3 %

The stock has a 50 day moving average of $25.64 and a 200 day moving average of $23.19. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Invesco Ltd. grew its stake in shares of Sable Offshore by 2.7% in the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock worth $596,000 after purchasing an additional 679 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Sable Offshore by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company’s stock worth $658,000 after purchasing an additional 1,000 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Sable Offshore by 5.5% in the fourth quarter. MetLife Investment Management LLC now owns 31,240 shares of the company’s stock worth $715,000 after purchasing an additional 1,634 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Sable Offshore by 31.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock valued at $179,000 after buying an additional 1,830 shares during the period. Finally, Salem Investment Counselors Inc. lifted its holdings in shares of 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 buying an additional 2,250 shares during the period. Institutional investors own 26.19% of the company’s stock.

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.