Sable Offshore (NYSE:SOC) Shares Gap Up – Should You Buy?

Sable Offshore Corp. (NYSE:SOC) shares gapped up prior to trading on Thursday . The stock had previously closed at $24.47, but opened at $29.50. Sable Offshore shares last traded at $30.93, with a volume of 1,702,913 shares traded.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Johnson Rice assumed coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock. BWS Financial reissued a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Finally, Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Down 0.2 %

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 firm’s fifty day moving average is $23.84 and its 200 day moving average is $21.64.

Institutional Trading of Sable Offshore

Several institutional investors have recently made changes to their positions in the stock. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Sable Offshore during the fourth quarter worth approximately $373,000. Emerald Mutual Fund Advisers Trust acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $4,008,000. Northern Trust Corp lifted its stake in Sable Offshore by 7.0% in the fourth quarter. Northern Trust Corp now owns 470,112 shares of the company’s stock valued at $10,766,000 after acquiring an additional 30,720 shares during the last quarter. Two Seas Capital LP acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $3,630,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Sable Offshore by 18.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,613 shares of the company’s stock valued at $450,000 after acquiring an additional 3,001 shares during the last quarter. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.