Sable Offshore (NYSE:SOC) Now Covered by BWS Financial

BWS Financial began coverage on shares of Sable Offshore (NYSE:SOC) in a research report report published on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a sell rating and a $6.00 target price on the stock. BWS Financial also issued estimates for Sable Offshore’s FY2024 earnings at ($3.43) EPS and FY2025 earnings at $2.28 EPS.

A number of other research firms have also issued reports on SOC. Benchmark reissued a buy rating and set a $37.00 price target on shares of Sable Offshore in a report on Monday, October 7th. Jefferies Financial Group boosted their target price on Sable Offshore from $19.00 to $32.00 and gave the company a buy rating in a report on Wednesday, September 4th.

Sable Offshore Trading Up 3.4 %

Shares of NYSE SOC opened at $20.52 on Tuesday. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $28.67. The stock has a 50 day moving average of $19.76 and a two-hundred day moving average of $15.65. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). On average, research analysts expect that Sable Offshore will post -3.72 EPS for the current fiscal year.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 41,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were purchased at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the purchase, the insider now directly owns 8,041,001 shares in the company, valued at $124,233,465.45. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 14.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently modified their holdings of SOC. GM Advisory Group LLC purchased a new stake in shares of Sable Offshore in the 2nd quarter worth about $1,634,000. Bank of New York Mellon Corp acquired a new stake in shares of Sable Offshore in the second quarter valued at approximately $2,154,000. Amalgamated Bank purchased a new position in shares of Sable Offshore during the 2nd quarter worth approximately $26,000. Walleye Trading LLC acquired a new position in shares of Sable Offshore during the 1st quarter worth approximately $235,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Sable Offshore during the 2nd quarter worth approximately $86,000. 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.