Sable Offshore (NYSE:SOC) Price Target Raised to $32.00 at Jefferies Financial Group

Sable Offshore (NYSE:SOC) had its price target upped by Jefferies Financial Group from $19.00 to $32.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Benchmark restated a buy rating and issued a $24.00 price objective on shares of Sable Offshore in a report on Wednesday, July 24th.

Sable Offshore Trading Up 1.0 %

NYSE:SOC opened at $21.82 on Wednesday. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46. The business has a fifty day moving average of $16.14 and a 200-day moving average of $13.69. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $24.36.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($2.36). As a group, sell-side analysts forecast that Sable Offshore will post -2.82 earnings per share for the current year.

Insider Activity

In related news, major shareholder Global Icav Pilgrim bought 41,000 shares of Sable Offshore stock in a transaction dated Tuesday, August 27th. The stock was acquired at an average cost of $15.45 per share, with a total value of $633,450.00. Following the completion of the acquisition, the insider now directly owns 8,041,001 shares in the company, valued at approximately $124,233,465.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 modified their holdings of SOC. The Manufacturers Life Insurance Company purchased a new stake in Sable Offshore in the 2nd quarter worth about $324,000. GM Advisory Group LLC purchased a new stake in Sable Offshore in the 2nd quarter worth about $1,634,000. Amalgamated Bank purchased a new stake in Sable Offshore in the 2nd quarter worth about $26,000. Rhumbline Advisers purchased a new stake in Sable Offshore in the 2nd quarter worth about $862,000. Finally, Spartan Fund Management Inc. purchased a new stake in Sable Offshore in the 2nd quarter worth about $162,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.