Sable Offshore Corp. (NYSE:SOC) Receives $19.60 Consensus Price Target from Brokerages

Sable Offshore Corp. (NYSE:SOC) has received an average rating of “Hold” from the seven research firms that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell rating and five have given a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $19.60.

A number of analysts have recently commented on the company. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research note on Monday. Roth Capital reiterated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th.

Sable Offshore Trading Up 1.7%

SOC stock opened at $8.68 on Friday. The firm’s 50-day moving average is $7.15 and its two-hundred day moving average is $18.03. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -2.66 and a beta of 0.51. Sable Offshore has a 52 week low of $3.72 and a 52 week high of $35.00.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.21). On average, equities research analysts predict that Sable Offshore will post -6.39 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of Sable Offshore stock in a transaction dated Wednesday, October 15th. The stock was acquired at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the purchase, the insider directly owned 10,933,394 shares in the company, valued at $164,438,245.76. The trade was a 9.88% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 36.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Encompass Capital Advisors LLC boosted its position in Sable Offshore by 83.8% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock worth $108,845,000 after acquiring an additional 2,257,069 shares during the period. Vanguard Group Inc. lifted its position in shares of Sable Offshore by 2.4% in the third quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company’s stock worth $80,001,000 after purchasing an additional 108,504 shares in the last quarter. State Street Corp lifted its position in shares of Sable Offshore by 16.1% in the second quarter. State Street Corp now owns 3,035,292 shares of the company’s stock worth $66,716,000 after purchasing an additional 420,433 shares in the last quarter. Capital International Investors acquired a new stake in shares of Sable Offshore during the third quarter worth approximately $31,499,000. Finally, Geode Capital Management LLC grew its position in Sable Offshore by 29.3% during the second quarter. Geode Capital Management LLC now owns 1,624,893 shares of the company’s stock valued at $35,721,000 after purchasing an additional 368,059 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.