Sable Offshore (NYSE:SOC) Shares Up 7.7% – Still a Buy?

Sable Offshore Corp. (NYSE:SOC) shares traded up 7.7% on Wednesday . The stock traded as high as $22.05 and last traded at $21.85. 678,086 shares were traded during mid-day trading, an increase of 13% from the average session volume of 598,433 shares. The stock had previously closed at $20.28.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SOC. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Wednesday, November 27th. Johnson Rice initiated coverage on Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock. Jefferies Financial Group increased their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Benchmark reiterated a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. 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 an average target price of $25.00.

Sable Offshore Stock Performance

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The business has a fifty day simple moving average of $21.81 and a 200 day simple moving average of $18.81.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 750,000 shares of Sable Offshore stock in a transaction dated Thursday, September 19th. The shares were bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the transaction, the insider now owns 8,791,001 shares in the company, valued at $175,820,020. This represents a 9.33 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently made changes to their positions in SOC. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore in the second quarter worth approximately $2,154,000. Emfo LLC acquired a new stake in Sable Offshore in the 2nd quarter worth approximately $371,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Sable Offshore during the 2nd quarter worth $86,000. Spartan Fund Management Inc. bought a new position in shares of Sable Offshore in the second quarter worth about $162,000. Finally, Rhumbline Advisers bought a new stake in shares of Sable Offshore in the second quarter valued at approximately $862,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.