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

Johnson Rice initiated coverage on shares of Sable Offshore (NYSE:SOC) in a report released on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $30.00 target price on the stock.

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

Sable Offshore Price Performance

Shares of SOC opened at $23.64 on Tuesday. Sable Offshore has a twelve month low of $10.11 and a twelve month 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 firm’s 50-day moving average is $22.10 and its two-hundred day moving average is $17.01.

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). As a group, sell-side analysts expect that Sable Offshore will post -3.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was acquired at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the transaction, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds have recently made changes to their positions in SOC. Fayez Sarofim & Co purchased a new position in Sable Offshore during the first quarter worth about $32,880,000. Bank of New York Mellon Corp acquired a new position in shares of Sable Offshore during the 2nd quarter valued at about $2,154,000. GM Advisory Group LLC purchased a new position in shares of Sable Offshore during the 2nd quarter worth about $1,634,000. Rhumbline Advisers acquired a new stake in shares of Sable Offshore in the second quarter worth approximately $862,000. Finally, Emfo LLC purchased a new stake in Sable Offshore in the second quarter valued at approximately $371,000. Institutional investors and hedge funds 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.