Sable Offshore (NYSE:SOC) Now Covered by Johnson Rice

Johnson Rice began coverage on shares of Sable Offshore (NYSE:SOC) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $30.00 price target on the stock.

SOC has been the topic of several other reports. Jefferies Financial Group increased their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Benchmark reissued a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. Finally, BWS Financial initiated coverage on shares of Sable Offshore in a report on Tuesday, October 8th. They issued a “sell” rating and a $6.00 target price on the stock. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat, Sable Offshore has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Performance

SOC opened at $22.65 on Tuesday. The stock’s 50-day moving average price is $21.79 and its 200 day moving average price is $16.91. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $28.67. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). As a group, research analysts expect that Sable Offshore will post -3.95 EPS for the current fiscal year.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 41,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were bought at an average price of $15.45 per share, with a total value of $633,450.00. Following the completion of the acquisition, the insider now owns 8,041,001 shares in the company, valued at $124,233,465.45. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Sable Offshore

A number of large investors have recently made changes to their positions in the company. Amalgamated Bank acquired a new position in shares of Sable Offshore in the 2nd quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore during the 2nd quarter worth $86,000. US Bancorp DE increased its stake in Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after purchasing an additional 3,758 shares during the period. Covestor Ltd purchased a new stake in shares of Sable Offshore in the third quarter valued at about $130,000. Finally, Spartan Fund Management Inc. purchased a new position in shares of Sable Offshore during the second quarter worth about $162,000. 26.19% of the stock is 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.