Sable Offshore Corp. (NYSE:SOC) Receives Average Rating of “Hold” from Brokerages

Shares of Sable Offshore Corp. (NYSE:SOC) have been assigned an average rating of “Hold” from the seven research firms that are covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $19.60.

A number of equities research analysts recently weighed in on the stock. Roth Capital restated a “buy” rating and set a $22.00 price objective on shares of Sable Offshore in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Jefferies Financial Group decreased their price objective on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Benchmark dropped their target price on Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, November 4th.

Sable Offshore Price Performance

SOC opened at $7.21 on Friday. The stock’s 50 day moving average price is $16.86 and its 200 day moving average price is $22.75. The stock has a market cap of $717.47 million, a P/E ratio of -2.13 and a beta of 0.46. Sable Offshore has a 12 month low of $4.58 and a 12 month high of $35.00.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.44). Equities analysts anticipate that Sable Offshore will post -6.39 EPS for the current year.

Insider Activity

In other news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were bought at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the purchase, the insider owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. This represents a 9.88% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of SOC. Allspring Global Investments Holdings LLC bought a new position in shares of Sable Offshore during the 1st quarter valued at about $295,000. U.S. Capital Wealth Advisors LLC acquired a new stake in Sable Offshore during the first quarter valued at approximately $987,000. Arizona State Retirement System boosted its holdings in Sable Offshore by 34.8% during the first quarter. Arizona State Retirement System now owns 12,778 shares of the company’s stock worth $324,000 after buying an additional 3,297 shares in the last quarter. KLP Kapitalforvaltning AS boosted its holdings in Sable Offshore by 101.6% during the first quarter. KLP Kapitalforvaltning AS now owns 12,700 shares of the company’s stock worth $322,000 after buying an additional 6,400 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Sable Offshore in the first quarter worth approximately $1,392,000. 26.19% of the stock is currently owned by institutional investors.

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.