Sable Offshore (NYSE:SOC) Price Target Raised to $30.00

Sable Offshore (NYSE:SOC) had its target price increased by Jefferies Financial Group from $28.00 to $30.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on SOC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Finally, Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $19.50.

Sable Offshore Stock Performance

SOC opened at $14.77 on Monday. Sable Offshore has a fifty-two week low of $3.72 and a fifty-two week high of $35.00. The firm has a 50-day moving average of $11.97 and a 200 day moving average of $11.45. The firm has a market cap of $2.17 billion, a P/E ratio of -3.52 and a beta of -0.11.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Friday, February 27th. The company reported ($0.39) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.20. Equities research analysts predict that Sable Offshore will post -6.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Encompass Capital Advisors LLC grew its position in shares of Sable Offshore by 60.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after purchasing an additional 5,091,925 shares in the last quarter. Capital International Investors boosted its stake in Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after purchasing an additional 9,788,351 shares during the period. Alyeska Investment Group L.P. boosted its stake in Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after purchasing an additional 10,400,275 shares during the period. FourWorld Capital Management LLC purchased a new position in Sable Offshore during the 4th quarter valued at about $73,113,000. Finally, Vanguard Group Inc. grew its holdings in Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after buying an additional 2,975,712 shares in the last quarter. 26.19% of the stock is owned by institutional investors.

Sable Offshore Company Profile

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.