Sable Offshore (NYSE:SOC) Shares Up 5.8% – Still a Buy?

Sable Offshore Corp. (NYSE:SOC) shot up 5.8% during mid-day trading on Wednesday . The stock traded as high as $24.57 and last traded at $24.39. 285,645 shares were traded during mid-day trading, a decline of 80% from the average session volume of 1,451,313 shares. The stock had previously closed at $23.05.

Wall Street Analysts Forecast Growth

Several analysts have commented on SOC shares. BWS Financial reiterated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Benchmark reaffirmed a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a report on Thursday, February 20th. Finally, Pickering Energy Partners assumed coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.25.

Sable Offshore Price Performance

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 business has a 50-day moving average of $25.60 and a 200 day moving average of $23.18.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank bought a new position in shares of Sable Offshore during the fourth quarter worth $344,000. GF Fund Management CO. LTD. bought a new position in shares of Sable Offshore during the 4th quarter valued at about $451,000. Two Seas Capital LP purchased a new position in shares of Sable Offshore during the fourth quarter valued at about $3,630,000. Rafferty Asset Management LLC increased its holdings in shares of Sable Offshore by 377.5% in the fourth quarter. Rafferty Asset Management LLC now owns 119,765 shares of the company’s stock worth $2,743,000 after purchasing an additional 94,684 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Sable Offshore by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 14,211 shares of the company’s stock worth $325,000 after purchasing an additional 4,675 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

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.