Sable Offshore’s (SOC) Buy Rating Reiterated at Benchmark

Benchmark reiterated their buy rating on shares of Sable Offshore (NYSE:SOC) in a report issued on Thursday morning,Benzinga reports. Benchmark currently has a $37.00 target price on the stock.

A number of other equities research analysts have also weighed in on the stock. 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. Johnson Rice assumed coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective for the company. Finally, Pickering Energy Partners assumed coverage on 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Price Performance

SOC opened at $29.28 on Thursday. The firm has a 50 day moving average price of $24.62 and a 200-day moving average price of $22.04. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $32.33. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after purchasing an additional 665,407 shares during the period. State Street Corp raised its stake in shares of Sable Offshore by 74.3% in the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock worth $37,557,000 after buying an additional 677,426 shares during the period. Encompass Capital Advisors LLC lifted its position in shares of Sable Offshore by 128.9% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after buying an additional 788,495 shares in the last quarter. Himalaya Capital Management LLC bought a new position in shares of Sable Offshore during the 3rd quarter valued at approximately $31,735,000. Finally, Geode Capital Management LLC increased its holdings in Sable Offshore by 16.9% in the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock worth $28,155,000 after acquiring an additional 177,971 shares in the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.